Bitcoin (BTC) gained $1,500 in seconds as the May print of the Consumer Price Index (CPI) showed inflation cooling faster than expected.
The most awaited U.S. Consumer Price Index (CPI) data today revealed that inflation remained unchanged at 0.3% in May, surpassing market estimates.
Notably, market watchers were eagerly anticipating this crucial inflation data for insights into the current economic health and the potential stance of the U.S. Federal Reserve with their policy rate plans.
Bitcoin price prediction.Source: ChatGPT-4o / Finbold
BTC price analysis
After a sluggish performance earlier this week, Bitcoin experienced a notable rally of 3.60% today, spurred by the latest inflation data, reaching a price slightly above $69,000.
BTC 7-day price chart. Source: Finbold
Within the past 24 hours, Bitcoin’s price dipped to a low of $66,123.60. Additionally, Bitcoin Futures Open Interest increased by 2.29% over the last four hours, according to CoinGlass data.
Considering the cooling CPI data and its impact on market sentiment, ChatGPT-4o forecasts a favorable environment for Bitcoin. Investors and traders must be cautious this week, as analysts expect high volatility.
The cooling CPI data has sparked optimism in the cryptocurrency market, but the upcoming FOMC meeting and PPI data release will play critical roles in determining Bitcoin’s near-term trajectory
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