Energy-driven CPI lifts crypto; Bitcoin nears $84K
Crypto rose about 1% on May 13 after April CPI unexpectedly hit 3.8% on energy, lifting total cap to $2.67 trillion as Bitcoin neared $84,000 and Zcash gained about 5%.
The crypto market rose about 1.01% on May 13, adding $26.87 billion to a total capitalization of $2.67 trillion after the April consumer price index came in at 3.8%. The CPI report showed energy accounted for more than 40% of the headline increase, with gasoline up 28.4% year over year.
Bitcoin traded near $81,214 after a 0.91% intraday gain and remained inside an ascending price channel that has been in place since late March. The token tested the channel floor around $79,840 on May 12. Key technical levels include near-term resistance at $84,042, the 0.236 Fibonacci retracement; a daily close above that level would target $86,642 and then $90,844. A daily close back below $79,840 would break the channel.
Smaller-cap and privacy-focused tokens led gains among altcoins. Zcash traded around $550 after a roughly 5% rally and moved into the upper boundary of a bull-flag consolidation that followed a 104% pole rally from April 29 to May 9. Volume measures show sell-side activity compressing while buying volume has been rebuilding as price approached the flag’s top.
Total market capitalization has traded in a range between about $2.56 trillion and $2.72 trillion since early May; the $2.72 trillion level was tested twice after May 6. If the $2.56 trillion level holds, a further attempt at $2.72 trillion remains in play. A break below $2.56 trillion would put lower supports near $2.47 trillion and $2.39 trillion.
The broader macro calendar included the Trump-Xi summit in Beijing. President Donald Trump, traveling to the meeting after commenting on the inflation print, stated that ‘stopping Iran’s nukes is the only thing that matters.’ Market participants are watching oil prices and developments from the summit for potential effects on energy costs.
On the product and infrastructure front, Telegram founder Pavel Durov released Acton, a unified toolchain for the TON blockchain that the company says builds smart contracts up to ten times faster than the previous fragmented stack. JPMorgan filed paperwork for JLTXX, a tokenized money market fund on Ethereum designed to serve as a stablecoin reserve product under the GENIUS Act framework.
Traders and portfolio managers are monitoring CPI details, oil market moves tied to the Beijing summit, and technical breaks in major tokens for signals on short-term price direction.
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