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Bitcoin Price Today: How a Lower U.S. CPI Boosted Market Sentiment
The cryptocurrency market has witnessed a significant shift in sentiment following the release of the U.S. Consumer Price Index (CPI) report, which showed a lower-than-expected inflation rate. As a result, Bitcoin’s price surged by around 2% to trade at approximately $83,282 on Thursday, March 13.
The decline in CPI from expectations of 2.9 percent has led to a sudden pump in the value of Bitcoin, indicating a significant shift in market sentiment. The fear of further crypto capitulation has significantly declined, with the Bitcoin fear and greed index jumping from 34% to around 45%, representing neutrality among traders.
Bitcoin’s price movement can be seen as a direct response to the unexpected U.S. CPI report.
