Crypto: Bitcoin Passes $69k On Slower Us Cpi Print, But Fed Rate-cut Odds...

Bitcoin bulls enjoyed a relief rally to $69,000 on the back of soft US CPI inflation data amid hopes of BTC price action making a "higher low."

Bitcoin (BTC) gained at Friday’s Wall Street open as a fresh US inflation surprise boosted the mood.

Bitcoin price action heads toward key resistance after US CPI inflation data cools beyond expectations.

Crypto becomes a standout on the day as macro assets see a cool reaction to slowing inflation.

Data from TradingView showed up to 4% daily BTC price gains at the time of writing, with BTC/USD reaching $69,190 on Bitstamp.

The renewed upside came after the January print of the US Consumer Price Index (CPI) fell short of expectations.

As confirmed by the Bureau of Labor Statistics (BLS), core CPI matched estimates of 2.5%, while the broader reading was 2.4% — 0.1% lower than anticipated.

Reacting, trading resource The Kobeissi Letter noted that CPI inflation was now at multiyear lows.

“Core CPI inflation is now at its lowest level since March 2021,” it wrote in a post on X.

Kobeissi referred to the prospects of the Federal Reserve cutting interest rates at its next meeting in March. As Cointelegraph reported, market expectations of such an outcome were previously at rock bottom, not helped by strong labor-market performance.

Source: CoinTelegraph