Bitcoin Rallies on Lower-Than-Expected US CPI

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BTC had stalled below $63,000 before the CPI numbers went out.

Although most experts anticipated slightly lower US Consumer Price Index numbers for June due to the ongoing ceasefire at the time in the Middle East, the actual data is more promising, showing an even larger decline.

The month-over-month drop is 0.4%, which breaks a three-month streak of consistent increases. BTC’s price reacted with an immediate surge of almost a grand that pushed it to $63,500 briefly.

However, a closer look at the data tells a different story. A large portion of the CPI decline from May’s multi-year record was due to the drop in oil prices in June because of the ceasefire signed between the US and Iran.

The Core CPI, which strips out more volatile sectors such as energy and food, remains unchanged. Furthermore, the ceasefire between the two warring nations ended last week, and the tension has substantially escalated. Oil prices have jumped once again, meaning the July data is likely to surge.

According to a recent analysis, BTC traders are closely monitoring the situation as it could provide a glimpse into the upcoming FOMC meeting, in which the Fed could hike the rates.

A bullish inverse head and shoulders pattern is also forming on the four-hour chart, with $71,500 acting as the neckline.

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