The price of Bitcoin and the main cryptocurrencies in the market rose after the publication of data on inflation in the United States.
Bitcoin and major cryptocurrencies reacted to new US economic data, posting bullish movements over the past 24 hours.
As seen in data from cryptocurrency price monitoring platform CoinMarketCap, the top 10 cryptocurrencies by market capitalization rose between 4,2% and 9% on Wednesday, with Dogecoin, Toncoin, Solana, Bitcoin and Cardano leading the way.
Source: CoinMarketCap
Bitcoin price approaches $70.000 again
El bitcoin price Bitcoin is approaching $70.000 per unit again. The market-leading cryptocurrency had fallen in the afternoon hours of Wednesday, trading near $66.800 per BTC. However, despite the slight correction, analysts point out that Bitcoin continues to hold above the key support level of $66k, which sustains enthusiasm and optimism in the crypto community.
The reason behind the recent Bitcoin price surge appears to be the release of the report from the US consumer price index meeting. This had a direct impact on the price of Bitcoin and cryptocurrencies, as it was revealed that the CPI remained stable in May and that, in fact, it registered a slight drop in relation to the forecasts that experts had.
Financial data company FactSet had expected the CPI to show a 0,1% rise in the cost of living and a 0,3% rise in the CORE figure. However, as noted, the figures fell short of forecasts.
US economic data is key for the crypto market
Cryptocurrency and digital asset research firm K33 Research has highlighted that the price movements of Bitcoin and cryptocurrencies have been correlated with US economic data lately.
On the other hand, on the QCP Broadcast Telegram channel, analysts highlighted that, in the last few hours, there has been an aggressive buying of call options along with a substantial increase in the funding rate, suggesting that the market is positioning itself to test its highs once again. Analysts indicated that they are optimistic about the current environment, which could trigger a new bullish trend for the crypto market.
The Federal Reserve (FED) is expected to keep interest rates unchanged at their current 5,25% level at its meeting today.
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