📈🎉 June CPI came in softer than expected, sparking a rise in the odds of imminent Fed rate cuts. Bitcoin, under pressure lately, also saw a price increase. The June CPI rate was -0.1%, against forecasts of a 0.1% gain. Yearly, the CPI was up by 3.0%, lower than the expected 3.1%.

Bitcoin's price jumped to $59,100 following the report, up by nearly 2% in the past 24 hours. Traditional markets also saw a rise, with the 10-year Treasury yield sliding nine basis points to 4.20%.

Ahead of the report, market participants anticipated a trim in the benchmark fed funds rate at the mid-September meeting. The odds of this happening rose to over 70% from less than 50% a month ago.

Bitcoin has been under pressure since reaching an all-time high of $73,500 in Q1. The Q2 saw a slowing of inflows, and even sizable net outflows into U.S.-based spot ETFs.

Following the latest inflation figures, the odds for a September rate cut rose to 87%, and the chances for two or more rate cuts by the Fed's November meeting jumped to nearly 50%. The U.S. dollar index slumped nearly 1%. Will this be the catalyst for a fresh run higher for Bitcoin? Let's discuss! #Bitcoin #FedRateCut