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Bitcoin spikes above $64,000 after June CPI beats expectations
June CPI fell to 3.5% versus 3.8% expected, marking the largest monthly decline since April 2020 and pushing traders to price in a less hawkish Fed path.
Bitcoin jumped above $64,000 into the Wall Street open after the latest US inflation data came in below expectations, according to Cointelegraph. The publication cited TradingView data showing BTC/USD gaining more than 2% on the day.
The June Consumer Price Index print came in at 3.5% versus the 3.8% forecast, and Cointelegraph pointed to a Bureau of Labor Statistics release saying CPI posted its largest monthly decline since April 2020. It also noted that energy drove the drop, with the energy index falling 5.7% in June after rising 3.9% in May.
Cointelegraph said risk assets reacted positively, with US stocks trading higher and crypto showing particular relief. It also reported that Fed expectations turned more dovish, although CME Group’s FedWatch Tool still showed consensus for a 0.25% rate hike at the September meeting.
Despite the rally, Cointelegraph said Bitcoin traders remained cautious because resistance above $64,000 is still present. The outlet cited CoinGlass data showing 24-hour crypto short liquidations of just over $220 million and noted commentary that short positions were being squeezed as price struggled to move lower.
Latest closeBitcoin $64,752.03 ▲4.0%