Bitcoin price surpasses $44,000 as US inflation reached an expected 7% in December
The Bitcoin price rose above $44,000 on January 12, the highest level since January 6. Market sentiment improved after the release of new inflation statistics, which saw the (Consumer Price Index) CPI hit 7% in December.
Bitcoin price taps $44,000 as inflation comes in at 7% for December
Bitcoin price is rallying today, following a few days in the red. At the time of this writing, it sits at $43,613 after a rally to $44,000, up 6% in the past 24 hours. This comes from the news Consumer Price Index, which measures the average change over time in the prices paid by consumers for a basket of consumer goods and services, for December clocked in at 7%.
BTC/USD 4-hour chart | Source: TradingView
A few hours ago, the US Bureau of Labor Statistics released the inflation numbers for the past month. CPI clocked in at 7%, up 0.2% from November. Interestingly enough, this number has been up 5.5% in the past year alone, and it’s currently sitting at its highest point in decades.
The latest figures from the United States Bureau of labor statistics show that the (Consumer Price Index) CPI hit 7% in December
Inflation rates have become of paramount concern to developed countries worldwide, but particularly for the United States. In 1982, the primary inflation index surpassed 7% for the first time.
In another development, according to some experts, Bitcoin has bottomed out, and these are the areas where the long-tailed candlesticks signal support. Overall, BTC seems to be finding a foothold above $43,000, maintaining its bullish bias.
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