MSTR - Bitcoin Spikes To $59K Retraces The Gains: What Is Going On? | Benzinga
Bitcoin (CRYPTO: BTC) spiked in early Thursday trading on positive macroeconomic data and strong ETF inflows before falling back below $58,000.
What Happened: U.S. inflation turned negative in June, with the Consumer Price Index (CPI) reporting a negative 0.1% rate for June, against forecasts of a 0.1% gain. This marks a decrease from May’s 0.0% read.
Year-over-year, the CPI increased by 3.0%, slightly below the expected 3.1% and May’s 3.3%. Core CPI, excluding food and energy, rose 0.1% in June, better than the anticipated 0.2%.
Following the CPI report, Bitcoin’s price surged to $59,100 but has since retraced its entire upside ...