Bitcoin Approaches $100K Amid Positive CPI Data
- Bitcoin rose over 2% in 24 hours, reaching an intraday high of $99,400.
- The Consumer Price Index (CPI) for December increased by 0.4%, surpassing expectations.
- Year-over-year CPI was at 2.9%, up from the previous month’s 2.7%.
- The dollar index declined by 0.5% to 108.5 after the CPI release.
- The CME FedWatch Tool indicates a 44.5% probability of a rate cut in June.
Bitcoin’s recent surge is linked to better-than-expected December CPI data and a declining dollar index, boosting market optimism and increasing the likelihood of a rate cut in June according to market tools.
