Bitcoin surges above USD 28,000 as US April inflation comes in lower than expected

After several days of no significant moves either way, Bitcoin finally experienced some volatility after the US released April CPI data.

The general estimates suggested 5% yoy for the CPI and 5.5% for the core CPI.

• All eyes in the US have been on the 2024 budget and the country’s debt for the past few weeks. April’s CPI numbers were also on the main stage Wednesday ahead of the Labor Department’s announcement.
• CPI estimates for the last month were 5%. In reality, the annual increase was slightly lower – at 4.9%.
• This is also a monthly decline compared to the March numbers when the CPI was at 5%.
• The core CPI, which excludes more volatile sectors such as food and energy, met expectations with a 5.5% year-on-year increase.
• Bitcoin reacted with an immediate price surge from $27,500 to a multi-day high above $28,000.

BTCUSD 3 minute chart. Source: TradingView

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