Bitcoin ( BTC ) passed $64,000 on May 15 as United States core inflation hit three-year lows.
Bitcoin advances as CPI beats expectations
Data from Cointelegraph Markets Pro and TradingView showed local highs of $64,700 for BTC/USD after the Wall Street open.
Bitcoin bulls received a boost from the latest United States Consumer Price Index ( CPI ) print, which beat expectations in a win for risk assets. Both the SP 500 and Nasdaq Composite Index hit all-time highs.
Month-on-month CPI came in at 0.3% for April, 0.1% below expectations, with other figures conforming to predictions.
In so doing, core inflation fell to its lowest levels since 2021 — potentially bolstering the case for interest rate cuts.
Reacting, however, not everyone was so optimistic.
“This marks the first decrease in CPI inflation over the last 3 months. However, PPI inflation data yesterday showed a third straight monthly increase,” trading resource The Kobeissi Letter wrote in part of a thread on X (formerly Twitter).
“The Fed will remain in wait and see mode.”
Kobeissi referred to the previous day’s Producer Price Index (PPI) numbers . Jerome Powell, Chair of the Federal Reserve, nonetheless maintained a dovish tone at a subsequent speaking appearance.
"I wouldn't call it hot, I'd call it mixed," he said when asked about the PPI data, quoted by Reuters.
Market odds for near-term rate cuts nonetheless remained mostly unmoved on the day, with a mere 3.1% betting on a June cut and 28.3% for July, per data from CME Group’s FedWatch Tool .
BTC price support reclaim in focus
Turning to Bitcoin, the picture on exchange order books had shifted considerably on the CPI reaction.
Related: Bitcoiner who called pre-halving all-time high predicts $95K BTC price
Data from monitoring resource CoinGlass showed price eating through liquidity to the upside, with a new block forming above the highs around $65,000.
Commenting on the current landscape, popular trader Skew said that spot buyers needed to keep up the pressure and reclaim the 200-period exponential moving average (EMA) as support on 4-hour timeframes, currently at $63,195.
“Ideally BTC leads strength from here, would need to flip $65K still for market confidence to return imo,” part of a further X post continued.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
