Bitcoin rises despite US inflation hitting 3-year high: Where will BTC price go?
Summary
Bitcoin rose about 2.5% to $62,410 after the US CPI report, despite headline inflation reaching a three-year high. May CPI matched forecasts at 4.2% year over year, with core inflation at 2.9% annually and 0.2% month over month. Markets treated the print as not hot enough to force a more hawkish Fed, so BTC bounced from major support near the 200-week EMA and the $60,000–$62,000 area. The rebound is not a confirmed reversal. BTC still trades below key short-term moving averages and may be forming a bear flag, which could point to a drop toward $57,800 if support breaks. A breakout above nearby resistance would weaken that bearish setup and could open a move toward $64,000–$68,000.
