Bitcoin Price Briefly Jumps Above $92,800 As CPI Meets Forecasts, Powell DOJ Dispute Fuels Safe-Haven Bid
Bitcoin briefly surpassed $92,800 following in-line CPI data and rising political tensions involving Fed Chair Powell.Summary
The bitcoin price briefly climbed above $92,800 after the December Consumer Price Index (CPI) report showed headline inflation rising 2.7% year-over-year, matching forecasts. This data supported a soft-landing narrative, increasing the odds of further Federal Reserve cuts, according to 21shares' Matt Mena, who noted Bitcoin is acting as a macro hedge amid geopolitical tensions. The price spike was also fueled by late-Sunday headlines concerning Federal Reserve Chair Jerome Powell, who stated the U.S. Department of Justice (DOJ) threatened criminal charges related to his 2025 congressional testimony regarding an office renovation cost overrun. This dispute, which Powell suggested was politically motivated, triggered a safe-haven bid, pushing gold higher alongside bitcoin. At the time of writing, bitcoin was trading near $92,300, consolidating within its recent range as traders assessed inflation data, rate expectations, and the ongoing political developments surrounding the Fed.
(Source：Bitcoin Magazine)