Favorable CPI data have helped Bitcoin reclaim the crucial $69,000 level, signaling that a move to $72,000 is possible.
Bitcoin’s (BTC) price rallied sharply after United States Consumer Price Index (CPI) data came in lower than forecast. The CPI data was unchanged from last month, and the year-on-year figure of 3.3% showed a slowdown from the previous pace of 3.4% — both 0.1% lower than forecast.
The sharp recovery from the $66,000 level shows that the bulls have not given up and are buying near strong support levels. Traders can expect the next directional move above $73,777 or below $56,552. Until then, the range-bound action may continue.
Japanese firm Metaplanet has been using Bitcoin’s sideways price action to build its treasury. The firm disclosed on June 11 that it had purchased 23.25 Bitcoin, taking its total haul to 141.07 Bitcoin, acquired at an average price of $65,365.
