Bitcoin Surges Past $69,000 After Softer US CPI Data, Rate-Cut Odds Remain Limited

Bitcoin climbed above $69,000 at the Wall Street open after fresh US Consumer Price Index (CPI) data came in slightly below expectations. BTC posted gains of nearly 4% on the day, briefly reaching $69,190 as traders reacted to signs of cooling inflation.

According to the latest Bureau of Labor Statistics report, core CPI matched forecasts at 2.5% year-over-year, while headline inflation printed at 2.4%, slightly below the anticipated 2.5%. Core inflation now sits at its lowest level since March 2021, signaling continued moderation in price pressures.

Despite the softer reading, expectations for an imminent Federal Reserve rate cut remain subdued. Market data from the CME FedWatch Tool shows less than a 10% probability of a 0.25% rate reduction at the March meeting.

Key Resistance Levels in Focus for BTC

Bitcoin’s rebound places price action near a crucial resistance zone between $68,000 and $69,000. This range includes the previous 2021 all-time high and the 200-week exponential moving average, making it a technically significant area.

While some traders anticipate the formation of a higher low, others remain cautious, noting that sustained momentum above $69,000 is needed to confirm a stronger bullish shift.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.