Bitcoin Recovers as US CPI Data Aligns with Expectations
- Bitcoin (BTC) price rebounded to $61,783 after dipping below $61,000 earlier.
- The Consumer Price Index (CPI) rose by 0.5% in May, matching Wall Street forecasts.
- Year-over-year CPI inflation increased to 4.2%, up from April’s annual rise of 3.8%.
- Core CPI, excluding food and energy, rose by only 0.2%, lower than the expected increase of 0.3%.
- Energy prices surged by approximately 23.5% over the past year, with gasoline prices up by about 40.5% due to geopolitical tensions.
The release of the CPI data initially caused volatility in crypto markets as traders assessed its implications for Federal Reserve policy on interest rates and inflation control.
Following the CPI report, Bitcoin’s recovery was notable as it bounced back from intraday lows to nearly $61,800 despite being down by about 1.32% over the last day.
