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Market · Wed 15 Jul · 3 min read

Bitcoin bounces to $64K on soft CPI data

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What happened

Bitcoin traded through a compressed volatility sequence in a single session. It slipped roughly 2% as traders priced in a higher probability of a July Fed rate hike ahead of the CPI print. Once the inflation data came in softer than expected, bitcoin reversed and crossed $64,000. Fed Governor Warsh's congressional testimony added to the dovish read. Separately, a KOSPI index rout pushed South Korean retail traders into crypto, lifting regional volumes and adding a demand-side floor underneath the recovery. The price range from trough to post-CPI recovery represents a multi-percent swing within one news cycle.

Why it matters

Sources: CoinDesk

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