Daily Market Updates: Bitcoin rises toward $64,000 after June CPI cools

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Bitcoin rises toward $64,000 after June CPI cools

June CPI fell 0.4%, while core CPI stayed at 2.6% annually, a mix that boosted sentiment toward a summer recovery for BTC.

Reported · Written up by our desk · Bitcoin

Bitcoin rose toward the $64,000 level after June inflation data showed a sharp monthly decline, The Block reported.

The outlet said June CPI dropped 0.4%, while core CPI held at 2.6% year over year.

According to The Block, analysts moved away from earlier concerns and began treating the data as supportive of a summer recovery scenario for the price.

The shift in expectations helped lift BTC prices as traders responded to the cooling inflation print.

Latest closeBitcoin $63,780.28 ▲0.5%

← Newer storyJune US inflation slowed, but Fed hike option stays open Older story →Bitcoin holds above $64,000 after hotter inflation turns cooler

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Sources

The Block‘Soft print, hard regime’: Bitcoin climbs toward $64,000 as June CPI falls 0.4% in largest monthly drop since 2020

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Bitcoin rises toward $64,000 after June CPI cools

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