Bitcoin price spikes 5.1% as U.S. inflation decelerates from its peak

NEW YORK (Aug 11)  Crypto prices rallied across the board on Wednesday morning after the U.S. Consumer Price Index (CPI) print came in at a year-over-year increase of 8.5%. While inflation remains at some of the highest levels in decades, the actual print was lower than the expected 8.7%, which excited traders to dive back into the markets.

Bitcoin responded to the CPI print by spiking by 5.1% from support at $23,000 to an intraday high of $24,180, where it ran into a firm wall of bearish resistance that remains the last major barrier before $28,000.

KITCO