Bitcoin Surges 1.5% Following US CPI Data

Bitcoin Seeks Weekly Highs in US Markets

Bitcoin has achieved new weekly highs, capitalizing on US Consumer Price Index (CPI) data that came in lower than expected. The price of BTC has risen to approximately $92,981, reflecting a 1.5% increase.

While the stock market reached new records due to declining inflation, traders have expressed optimism about the future of cryptocurrencies. According to data from TradingView, Bitcoin benefited from an increase in the CPI, which was set at 2.7%, with a core CPI of 2.6%.

The stock market reacted swiftly, with the S&P 500 index hitting new all-time highs. One trader noted that Bitcoin needs to surpass a zone considered to be major resistance to maintain its upward trend.

Former President Donald Trump's interest in cutting interest rates may further influence investors' liquidity in risky assets and cryptocurrencies. Additionally, a legal investigation against Jerome Powell, the Chairman of the Federal Reserve, highlights the existing tensions in the monetary policy of the United States.

Actual trading in Bitcoin continues to be volatile, with traders eagerly awaiting future developments in the financial markets.