- US Inflation Report: The consumer price index rose 0.5% in January and the annual rate of inflation came in at 6.4%.
- Bitcoin Reacts: Bitcoin traded above $22,000 on Feb. 15, as markets continue to react to the latest US inflation report.
- Ethereum Rallies: Ethereum also gained ground following the US inflation report.
US Inflation Report
The consumer price index rose 0.5% in January, following a gain of 0.1% the month prior. Overall, the annual rate of inflation came in at 6.4%, which, although lower than December’s sum of 6.5%, was higher than the expected 6.2%.
Bitcoin Reacts to US Inflation Report
Bitcoin (BTC) remained above $22,000 on Wednesday, with traders continuing to digest the latest inflation report in the United States. Following a low of $21,632.39 on Tuesday, BTC/USD rallied to an intraday peak of $22,293.14 earlier today. Today’s move pushes the world’s largest cryptocurrency back towards a key resistance level of $22,500.. Looking at the chart, the 14-day relative strength index (RSI) also appears to be edging closer to a ceiling of its own at 60.00 As of writing, price strength is currently at a reading of 51