![Bitcoin spikes to $22,330 after dip on worse than expected CPI data](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/02/bitcoin-down.jpg&w=70&h=37&q=75)
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](https://cryptoslate.com/wp-content/uploads/2023/02/bitcoin-down-768x403.jpg)
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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](https://cryptoslate.com/wp-content/uploads/2023/02/BTCUSD_2023-02-14_15-25-11-1024x465.png)