Bitcoin Jumps Above $93,000 After US CPI Print: Bull Market Returning Slowly?
Bitcoin surpassed $93,000 following moderate US CPI data, suggesting risk appetite is returning after ETF-related selling pressure eased.Summary
Bitcoin climbed above $93,000 on Monday after the latest US Consumer Price Index (CPI) report showed inflation rising at a moderate pace, calming markets by reducing fears of further interest rate hikes. This macro relief supports risk assets like Bitcoin, which had been under selling pressure due to outflows from US spot Bitcoin ETFs.
The CPI data, showing inflation near 2.7% year-over-year, signals that the Federal Reserve is likely to keep rates steady. This environment encourages investors to hold assets like crypto. Furthermore, Bitcoin's rebound is supported by technical factors; outflows from ETFs have slowed, and the price is consolidating near the ETF average cost basis around $86,000, suggesting weak hands have exited.
Although institutional buying (measured by the Coinbase Premium Index) remains soft, global buyers are absorbing supply hitting exchanges. With macro risks receding and the reset phase appearing advanced, Bitcoin is building support between $88,000 and $92,000, potentially setting the stage to reclaim $95,000 soon and target $100,000 later in the quarter.
(Source：BeInCrypto)