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

The price of Bitcoin spiked to $22,330 after an initial dip on news of worse than expected consumer inflation data.

Samuel Wan
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Samuel Wan
1 min read
Bitcoin spikes to $22,330 after dip on worse than expected CPI data

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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
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Samuel Wan
Samuel Wan
Analyst 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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