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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) passed $64,000 on May 15 as United States core inflation hit three-year lows.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/fc0fb24e-a6b1-4e94-9703-f0c03eae5681.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-advances-as-cpi-beats-expectations">Bitcoin advances as CPI beats expectations</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed local highs of $64,700 for BTC/USD after the Wall Street open.
Bitcoin bulls <a href="https://www.bls.gov/news.release/cpi.nr0.htm" target="_blank" rel="noopener nofollow">received</a> a boost from the latest United States Consumer Price Index (CPI) print, which beat expectations in a win for risk assets. Both the S&amp;P 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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/3500d4f1-44b4-4c07-a1b2-6c70fbb2b4df.png" alt="" title="">
 <figcaption style="text-align: center;">
 U.S. CPI chart. Source: Bureau of Labor Statistics
 </figcaption>
</figure>
In so doing, core inflation fell to its lowest levels since 2021 — potentially bolstering the case for interest rate cuts.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/e6448d21-e7a3-4e5d-9eb4-46c7ab4e510a.png" alt="" title="">
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 Source: <a href="https://twitter.com/tedtalksmacro/status/1790738406798213610" target="_blank" rel="noopener nofollow">Tedtalksmacro</a>
 </figcaption>
</figure>
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 <a href="https://twitter.com/KobeissiLetter/status/1790722020549796076" target="_blank" rel="noopener nofollow">wrote</a> in part of a thread on X.&nbsp;
<blockquote data-ct-non-breakable="true">
 “The Fed will remain in wait and see mode.”
</blockquote>
Kobeissi referred to the previous day’s <a href="https://cointelegraph.com/news/bitcoin-fed-powell-trader-65k-btc-price-level">Producer Price Index (PPI) numbers</a>. Jerome Powell, hair 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, as&nbsp;<a href="https://www.reuters.com/markets/us/feds-powell-ppi-mixed-next-move-unlikely-be-rate-hike-2024-05-14/" target="_blank" rel="noopener nofollow">quoted</a> by Reuters.
Market odds for near-term rate cuts nonetheless <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" target="_blank" rel="noopener nofollow">remained</a> 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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/74cd639a-6e55-47fb-8ab8-4f630ff9194a.png" alt="" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities for July FOMC meeting. Source: CME Group
 </figcaption>
</figure>
<h2 data-ct-non-breakable="true" id="btc-price-support-reclaim-in-focus">BTC price support reclaim in focus</h2>
Turning to Bitcoin, the picture on exchange order books shifted considerably on the CPI reaction.&nbsp;
Related: <a href="https://cointelegraph.com/news/bitcoiner-called-pre-halving-predicts-95k-btc-price">Bitcoiner who called pre-halving all-time high predicts $95K BTC price</a>
Data from monitoring resource CoinGlass <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">showed</a> price eating through liquidity to the upside, with a new block forming above the highs around $65,000.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/e5ecad68-0550-4621-9593-789e93ad9ea4.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
Commenting on the current landscape, popular trader Skew <a href="https://twitter.com/52kskew/status/1790728299817427449" target="_blank" rel="noopener nofollow">said</a> that spot buyers needed to keep up the pressure and reclaim the 200-period exponential moving average as support on four-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 <a href="https://twitter.com/52kskew/status/1790731557982072978" target="_blank" rel="noopener nofollow">continued</a>.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/339df08e-946d-4181-8e31-466d44262e66.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 4-hour chart with 200EMA. Source: TradingView
 </figcaption>
</figure>
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.

Bitcoin price taps $64.7K as US CPI shows core inflation at 3-year low

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