Bitcoin traded over the $64,000 level on Tuesday, climbing after U.S. consumer prices posted their steepest monthly decline in more than five years and undercut a week of analyst warnings that a hawkish Federal Reserve had boxed in crypto's recovery.
The consumer price index fell 0.4% in June, the largest one-month drop since April 2020, and rose 3.5% over the year, the Bureau of Labor Statistics reported.
Core CPI, which strips out food and energy, was unchanged on the month and rose 2.6% annually. Both came in below consensus, which had penciled in a 0.1% headline decline and a 0.2% core gain.
Energy did the work, per the print. The energy index fell 5.7% in June, its sharpest monthly decline since April 2020, with gasoline down 9.7%, more than offsetting increases in shelter and food.
The read after the print
