Bitcoin Briefly Tapped $31K Amid Lower Than Expected June US CPI Numbers

2023-07-12 12:42:56

Bitcoin jumped by a few hundred dollars minutes after the US announced the CPI numbers for June.

It’s worth noting that both the core and the overall Consumer Price Index were lower than estimated.

According to an analysis made ahead of the CPI announcement for June, the general estimations suggested a decline in the inflation rates for yet another month. This is mostly because the cost of fuel and used cars have decreased in the past few months.
However, the situation with the core CPI, which excludes more volatile sectors such as food and energy, was expected to be different and still high, perhaps fueling another interest rate hike by the US Federal Reserve.
In reality, though, both numbers were slightly lower than expected. The regular CPI was 3% YoY, which was 0.1% less than the estimations. The Core CPI for June was at 4.8% YoY, while the expectations showed 5%.
Bitcoin reacted with immediate volatility that brought it to almost $31,000 (on Bitstamp) before the asset retraced just as sharply back down to its starting level. Recall that the cryptocurrency had tried to decisively overcome $31,000 for a few weeks but to no avail so far after several rejections.

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