Bitcoin BTCUSD aimed for five-week highs at Thursday’s Wall Street open as US inflation trends stayed on track.

Key points:

• US inflation data keeps crypto and stocks higher as BTC price action tests $74,000 again.

• Bitcoin traders diverge over the future of the move, with a “bearish retest” risking a new price collapse.

• BTCUSD finally recrosses its 50-day moving average trend line.

PCE inflation emboldens Bitcoin bulls

Data from TradingView confirmed new local BTC price highs near $74,000 following the January print of the Personal Consumption Expenditures (PCE) Index.

Known as the Federal Reserve’s “preferred” inflation gauge, January PCE matched market expectations, coming in at 0.3% month-on-month and 3.1% year-on-year, per data…