Bitcoin price rebounded nearly 7% in response to expected lower CPI numbers

Bitcoin price (Bitcoin: BTC) today (May 16, 2024) rose to over $66,000 as the market responded to the data.Consumer price indexAnd effectsReducing the interest rateIn 2024

Data from TradingView revealed that the price Bitcoin It rose 7.3% from a low of $61,299 to an intraday high of $66,400.

Bitcoin rises after expected CPI decline

price Bitcoin Response to the Consumer Price Index Report (Consumer price index) in April That was lower than expectations of 0.3%, according to data from the US Bureau of Labor Statistics (BLS), with the year-over-year rate rising to 3.2%, compared to March expectations of 0.4% and 0.4%.

Price rebounded

part Core CPI The core CPI, excluding food and energy categories, rose 3.6% in April. Year-over-year comparison in line with analyst expectations, from 3.8% in March.

The fund flows into Bitcoin ETFs

Spot Bitcoin ETF There is a positive flow of investment capital. Boosting investor sentiment, the US-based Bitcoin ETF saw daily net inflows of $100.5 million on May 14, led by ARK 21Shares Bitcoin ETF (ARKB) with the largest inflows. This exceeded normal outflows from Grayscale Bitcoin Trust.

However, information from The Block reveals this Bitcoin ETF inflows have been declining steadily since peaking on March 5th.

pointing to Cointelegraph

Linguistic proofreading…Suri Silawang

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