Bitcoin spikes to $22,330 after dip on worse than expected CPI data

The release of January’s Consumer Price Index (CPI) data showed inflation at 6.4% year-on-year (YoY). This came in worse than the estimated 6.2% figure.

Bitcoin initially sunk 1.4% on the news and was trading just short of $21,640.

However, approximately an hour after the announcement, bulls took control, spiking the price as high as $22,330.

Bitcoin chart — Source: BTCUSDT on TradingView.com

Posted In: Bitcoin, US, Featured, Macro

Author

Samuel Wan

Analyst at CryptoSlate

Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.

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Bitcoin spikes to $22,330 after dip on worse than expected CPI data

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