Bitcoin Jumps Past $98.5K After US Inflation Data Hits Expectations

Bitcoin just had a strong push, climbing above $98,500 right after the U.S. released its latest inflation numbers for December.

The Consumer Price Index (CPI) and Core CPI came in pretty much as expected — with CPI showing a 2.9% increase and Core CPI (which strips out food and energy) landing at 3.2%, slightly under forecasts. While December’s rise was the biggest in eight months, markets didn’t seem too worried.

In fact, crypto went the opposite direction of what many feared. Instead of dipping due to inflation concerns and uncertainty around potential rate cuts, prices surged — with Bitcoin leading the way.

BTC was trading just under $97,000 before the CPI numbers were announced. Right after the data dropped, it spiked to over $98,500, marking its highest level in over a week. That’s a solid rebound from Monday’s dip to $89,200 — a nearly $10,000 recovery in just a few days.

It’s possible traders were bracing for worse inflation data, and the in-line results gave the green light for some bullish momentum. Either way, Bitcoin’s back on the move.