Bitcoin rebounds as US inflation data meets expectations
- Bitcoin (BTC) rose approximately 2.5% to $62,410 following the release of the US Consumer Price Index (CPI) report.
- The US CPI increased by 4.2% year-over-year in May, matching economists’ expectations.
- Monthly inflation rose by 0.5%, while core inflation (excluding food and energy) increased by 2.9% annually and by 0.2% month-over-month.
- Higher energy and gasoline prices contributed significantly to the CPI increase amid renewed Middle East tensions.
- Despite the rally, Bitcoin faces short-term risks as it trades below key resistance levels, including the $64,000–$68,000 range.
The latest inflation figures did not exceed market fears, allowing traders to resume buying risk assets like Bitcoin after a period of caution regarding Federal Reserve rate cuts.
Currently, Bitcoin’s price recovery is constrained below critical resistance levels and may target around $57,800 if bearish patterns persist.(Source)
