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Bitcoin (BTC) Rebounds Past Key $69,000 Level Following May CPI Report

Bitcoin (BTC) has successfully reclaimed the pivotal $69,000 level following the release of the May Consumer Price Index (CPI) report. The unadjusted annual CPI rate for May was lower than anticipated at 3.3% compared to the expected 3.4%.

Notably, the US CPI remained unchanged for the month, despite forecasts predicting a 0.1% increase. CNBC’s Bob Pisani remarked, “A significant relief for inflation watchers. S&P futures surged 40 points, and bond yields dropped as the May CPI came in flat month-over-month, below expectations of a 0.1% rise. Excluding food and energy, it rose 0.2%, also below the anticipated 0.3% increase.”

In light of the latest inflation data, swap traders now overwhelmingly anticipate that the Federal Reserve will opt for a quarter-point rate cut in November.

Earlier in the week, Bitcoin had dipped to $66,000 on Tuesday due to a double whammy of ETF outflows and macroeconomic uncertainty. However, the leading cryptocurrency has now pared its recent losses, buoyed by the encouraging inflation data.

Read also Long-Dormant Bitcoin Wallet Transfers $535.64 Million to Binance: Market Reacts

Bitcoin’s resurgence mirrored gains in the US stock market, with S&P 500 futures climbing more than 50 points following the CPI report. Concurrently, the yield on the 10-year Treasury note fell to 4.273%, its lowest level since April 1.

Important Notice: The content presented in this article is intended for informational purposes only and should not be interpreted as financial advice. Coinshibainu.com bears no responsibility for any investment decisions made relying on the information contained herein. It is highly recommended to consult with a qualified expert or financial advisor before making any investment decisions.

hassan

Hassan is the founder and owner of CoinShibaInu.com, a news platform dedicated to providing the latest updates and analyses on cryptocurrency. Driven by his passion for fintech and digital innovation, Hassan strives to deliver accurate and insightful content that helps readers stay informed about the dynamic world of digital assets and make well-informed investment decisions.

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