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 Cover image via <a href="https://u.today/">U.Today</a>
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The price of Bitcoin (BTC) has managed to <a href="https://x.com/100eyescrypto/status/1800872512034689439?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ">reclaim</a> the pivotal $69,000 level after the release of the May consumer price index (CPI).
The unadjusted CPI annual rate in May was lower than expected (3.3% vs. 3.4%).&nbsp;
Notably, US CPI was flat on the month despite estimates for a gain of 0.1%.&nbsp;
“Big relief for inflation watchers.&nbsp; S&amp;P futures rally 40 points, bond yields drop as May CPI comes in unchanged month-over-month, below expectations of up 0.1%; ex-food &amp; energy up 0.2%, also below expectations of up 0.3%,” CNBC’s Bob Pisani said.&nbsp;
Swaps traders now overwhelmingly expect the Federal Reserve to opt for a quarter-point rate cut in November following the recent inflation data.
As <a href="https://u.today/correlation-between-bitcoin-and-treasury-yields-records-steep-decline">reported by U.Today</a>, the flagship cryptocurrency slipped to the $66,000 level on Tuesday due to the double-whammy of Bitcoin exchange-traded fund (ETF) outflows and macroeconomic uncertainty. However, the leading cryptocurrency has now pared its recent losses due to the encouraging inflation data.&nbsp;Bitcoin has surged in tandem with US stocks. S&amp;P 500 futures are up more than 50 points after the CPI report.&nbsp;Meanwhile, the 10-year Treasury yield has dropped to 4.273%, the lowest level since Apr. 1.&nbsp;

Bitcoin (BTC) Suddenly Reclaims $69K. Here’s Why

U_Today

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