Bitcoin price may have resumed its bullish momentum, following a cooler than expected April 2023 CPI report. The Consumer Price Index, a key measure of inflation, fell to 4.9% – lower than the expected 5.0%. As a result, crypto prices are climbing.
Bitcoin Price Reclaims $28,000 After April CPI Release
The Bureau of Labor Statistics released its monthly CPI report this morning, revealing that the key inflation measure dropped to 4.9%. Forecasts had called for 5.0%, so the metric came in lower than expectations. Core CPI was 5.5% in April, down from 5.6% in the month before.
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Rising inflation was a primary reason for the US Federal Reserve raising interest rates, which put a damper on global markets, including crypto. From the time rates began
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