The United States has just released the Consumer Price Index (CPI) for January. According to the Bureau of Labor Statistics, the CPI for January 2023 rose by 6.4% from the same period last year. The result suggested that U.S. inflation was lower than December’s 6.5 percent but higher than the 6.2 percent forecast by observers.
Core CPI, which excludes volatile items such as energy and food, came in at 5.6%, down from 5.7% in December.
The amount consumers pay for a variety of goods and services rebounded more than expected in January.
US January CPI.Source: Forex Factory
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By the time the CPI was released, Bitcoin was down nearly 1.5%.
bitcoin Today’s trading session recovered from recent losses as the price approached the $22,000 level.
bitcoin/USD hit an intraday high of $21,849 earlier in the day after falling to a low of $21,460 on Monday.
Today’s action saw Bitcoin break a two-day bearish trend and the price refused to fully break the $21,500 bottom.
Looking at the chart, the 14-day relative strength index is also refusing to break, with the index holding above the 44 support level.
At the time of writing, the RSI is at 47.86, very close to the 50 resistance level.
In order to be able to break above the $22,000 mark, the bulls need to break above this resistance.
On the previous morning of February 2, after the FOMC meeting, the Federal Reserve decided to raise interest rates by 0.25%, bringing the interest rate to the range of 4.5-4.75%, much higher than the 0.25% in early 2022. However, this is the lowest increase since July 2022, following two hikes of 0.5% and 1%, respectively, and three consecutive hikes of 0.75%.
- Precautions for U.S. CPI and PPI data in the “inflation” panic
- Will the Fed raise rates further to curb inflation?