🔎 Bitcoin price briefly rebounded to $100,000 this morning. Could the release of the US CPI and core CPI be the main reason?
Bitcoin rose to nearly the $100,000 mark earlier today, with the view that this increase was mainly driven by the following factors:
1. The US Dollar Index (DXY) fell from a high of 110 to nearly 109, which had a positive impact on the cryptocurrency market.
2. The inflation data released by the US Consumer Price Index (CPI) met market expectations, injecting confidence into the market.
3. The core Consumer Price Index (CPI) showed that the actual value released yesterday was 3.2%, lower than the expected 3.3%. This lower-than-expected data is seen by many as a catalyst for the rise in Bitcoin prices.
By observing the core CPI chart data, we can note that the predicted value of the US core CPI has remained between 3.2% and 3.3% over the past six months. However, the latest published actual value was 0.1% lower than the expected value. Although this gap is only 0.1%, it was enough to drive the Bitcoin price up by more than 4%.
Meanwhile, the three major US stock indices also saw gains yesterday, with the Dow Jones (DJI) rising by 1.65%, S&P 500 (SPX) up 1.83%, and Nasdaq (IXIC) increasing by 2.45%.
Given that these increases occurred after the release of the CPI statistics, there is a view that this round of increases may have been stimulated by the release of the CPI and core CPI, impacting the market.
💬 What do you think about this rebound in Bitcoin? How significant do you believe the impact of the core CPI data is on the cryptocurrency market? Did the rise in US stocks also feel the influence of the core CPI data? Leave your opinions and analysis in the comments section!