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Bitcoin Spikes Toward $26.5K as US CPI Clocks 4% for May

BTCEUR - Jordan Lyanchev 2023-06-13 20:45

The general estimations for the CPI and Core CPI numbers were at 4.1% and 5.2%, both of which were slightly different in reality.

As a result, bitcoin reacted with an immediate price increase that drove it north by several hundred dollars in minutes.

  • The United States announced the inflation rates for the month of May on June 13, indicating a year-over-year increase in the Consumer Price Index of 4%, which was slightly lower than the 4.1% expected.
  • The core CPI, which excludes more volatile sectors like food and energy, has jumped by 5.3%, a bit higher than the estimations of 5.2%.
  • The primary cryptocurrency reacted with an immediate brief price increase that pumped it from $26,200 to a three-day high of just over $26,400. However, the asset lost almost all traction in the following minutes.
  • It’s worth noting that BTC used to be a lot more volatile during previous CPI announcements, with some taking it on massive four-digit rides.
  • The declining CPI numbers could mean that the US Fed will finally pivot from its monetary policy of hiking the interest rates, which is regarded as a bullish sign for risk-on assets like BTC.
BTCUSD. Source: TradingView BTCUSD. Source: TradingView

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