Bitcoin Edges Higher After US CPI Matches Expectations

Bitcoin broke back above $70,000 around the Wall Street open after US consumer inflation matched expectations. The February Consumer Price Index rose 2.4% year-on-year, the Bureau of Labor Statistics reported, giving markets a modest tailwind and leaving traders largely in a wait-and-see stance.

Oil, a key risk factor for CPI going forward, stayed below the $90 mark as the International Energy Agency approved an emergency release of 400 million barrels — the largest such release on record. The Middle East conflict and a global supply squeeze were likely only to be truly reflected in March’s inflation data.

Price action remained rangebound, with Bitcoin eking out modest gains while failing to retake the prior session’s highs. Trader Michaël van de Poppe said he buys lower bounds and sells higher bounds and still expects an upward breakout this month, while Lennaert Snyder eyed downside liquidity around $65,000 as a potential local low.

United States, Middle East

bitcoin, cpi, us inflation, labor statistics, wall street, oil, emergency release, 400 million, middle east, snyder