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

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.

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

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The release of Januaryโ€™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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