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%.

bitcoin-price-surpasses-44000-as-us-inflation-reached-an-expected-7-in-december

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.

bitcoin-price-surpasses-44000-as-us-inflation-reached-an-expected-7-in-december

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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