"The initial rally was sparked by fresh Consumer Price Index (CPI) data from the U.S. Bureau of Labor Statistics, which showed inflation cooling faster than economists expected. Headline CPI rose 2.7% year over year in November, well below consensus expectations of around 3% and down from earlier readings. Core CPI, which strips out food and energy, fell to 2.6%-its lowest level since early 2021."
"The bitcoin price reacted swiftly around the time of the data, jumping from intraday lows near $86,000 to briefly challenge the psychologically important $89,000 level, according to Bitcoin Magazine pro data. The move reflected renewed optimism that easing inflation could give the Federal Reserve greater room to cut interest rates in 2026, a backdrop that has historically supported risk assets, including bitcoin."
"At the time of writing, the bitcoin price was trading near $88,374, down roughly 2% over the past 24 hours, according to market data. The pullback leaves BTC about 2% below its recent seven-day high of $90,165 and roughly 4% above its week's low near $85,374. Bitcoin's market capitalization stands at approximately $1.77 trillion, with 19.96 million BTC currently in circulation."
Bitcoin briefly surged above $89,000 after U.S. consumer inflation cooled faster than expected, then pulled back to trade near $88,374, down roughly 2% over 24 hours. The pullback leaves BTC about 2% below its seven-day high of $90,165 and roughly 4% above the week's low near $85,374. Market capitalization stands near $1.77 trillion with 19.96 million BTC in circulation. U.S. headline CPI rose 2.7% year over year in November, below consensus expectations of around 3%, while core CPI fell to 2.6%, the lowest since early 2021. The data increased odds of later Fed rate cuts, but the intraday rally failed to hold amid continued ETF outflows and market volatility.
Read at Bitcoin Magazine
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