The cryptocurrency markets experienced a rally following lower-than-expected U.S. inflation data, which boosted investor sentiment. Bitcoin broke past $66,000 for the first time since April 24, marking over a 6% increase in the last 24 hours. This surge has led to speculations about possible increases in altcoin prices as well, as the market recovers from recent lows.

Analysts suggest that Bitcoin's recent surge has restored market confidence, potentially shifting investor focus towards altcoins. The rally in Bitcoin occurred after the release of April's U.S. Consumer Price Index (CPI) figures, indicating a slight decrease from March. This data, combined with a weak retail sales report, relieved investors' fears of rising inflation. It also eased concerns about the Federal Reserve's stance on interest rate hikes.

QCP Capital, a crypto trading firm, predicts that Bitcoin could rally back to $74,000 in the coming weeks. This rise is expected to be driven by bullish factors, including macroeconomic developments in the U.S. like declining inflation and interest rate cuts.

Institutional demand for Bitcoin is increasing, with prominent asset managers investing significant portions of their Assets Under Management (AUM) into Bitcoin. Market analysts anticipate a resurgence in altcoin sentiment as Bitcoin's price stabilizes around the $60,500 support level.

Looking ahead, if Bitcoin continues its upward momentum and breaches the resistance level at $67,232, it could potentially climb to $73,777. Sellers are likely to defend this level, aiming to halt the price increase. On the other hand, buyers are expected to protect the $60,000 support level robustly. If this support fails, there might be a drop to the 61.8% Fibonacci retracement level at $56,600.