Bitcoin (BTC) suddenly recovers $69,000. This is why

Bitcoin (BTC) suddenly recovers $69,000.  This is why

Bitcoin (BTC) price has achieved claim the fundamental level of $69,000 after the release of the May Consumer Price Index (CPI).

Bitcoin (BTC) price has achieved claim the fundamental level of $69,000 after the release of the May Consumer Price Index (CPI).

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The annual unadjusted CPI rate in May was lower than expected (3.3% vs. 3.4%).

Notably, the US CPI remained stable for the month despite estimates of a 0.1% gain.

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“Great relief for inflation watchers. S&P futures rise 40 points, bond yields fall as May CPI remains unchanged month-over-month, below expectations for a 0.1% increase; ex-food and energy rose 0.2%, also below expectations for a 0.3% increase,” said CNBC’s Bob Pisani.

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Swaps traders now overwhelmingly expect the Federal Reserve to opt for a quarter-point rate cut in November following recent inflation data.

As Guru-Investingreported, the flagship cryptocurrency fell to the $66,000 level on Tuesday due to the double whammy of Bitcoin exchange-traded fund (ETF) outflows and macroeconomic uncertainty. However, the leading cryptocurrency has now reduced its recent losses due to encouraging inflation data.

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Bitcoin has risen in tandem with US stocks. S&P 500 futures are up more than 50 points following the CPI report.

Meanwhile, the 10-year Treasury yield has fallen to 4.273%, the lowest level since April 1.

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