Bitcoin Surges to One-Week Highs Following US Inflation Data Surprise

Bitcoin experienced a notable spike to new one-week highs on July 11 following a bullish surprise from United States macroeconomic data. Data from Cointelegraph Markets Pro and TradingView revealed a rapid yet brief climb in Bitcoin’s price to $59,516 on Bitstamp. This surge came after the release of June’s US Consumer Price Index (CPI) data, indicating inflation slowing more than anticipated. Both year-on-year and month-on-month CPI figures were 0.1% lower than expected, resulting in a positive response from both crypto and US stock markets. “The all items index rose 3.0 percent for the 12 months ending June, a smaller increase

Source: CryptoIntelligence