Inflation data has come in lower than expected and markets are surging across the board. In the crypto market, $BTC is up nearly 4% over the last couple of hours as it approaches $70,000.
Better than expected inflation data
There’s nothing like a better than expected inflation figure to lend impetus to a Bitcoin bounce. According to Reuters, prices rose only 3.3% in the year to the end of May, down 0.1% from April’s figure. Core inflation rose by 0.2%, but this was better than economists’ expected 0.3%.
On this news, the Nasdaq Composite Index is up 1.8%, and the S&P 500 is up 1.3%. Of course, this is small beer where crypto is concerned, and Bitcoin is making hay, up nearly 4% in a short period of time.
Bitcoin surges to top of bull flag
Source: TradingView
Looking at the relatively short term time frame of the 4-hourly, it can be seen that $BTC has reached the top of its bull flag upper trend line once again. Having been rejected from this line half a dozen tim
We współpracy z: https://cryptodaily.co.uk/2024/06/bitcoin-btc-surges-on-positive-inflation-data
