US CPI Unexpected, But BTC Reaction Disappointing!

<p>&nbsp;"BTC movement is boring, it goes up and then falls back to the same place."</p><p><br /></p><p>The price of cryptocurrency king Bitcoin (BTC) regained the $31,000 position as the release of the United States (US) Consumer Price Index (CPI) data for June was reported to have declined at 3% compared to market expectations of 3.1%.</p><p><br /></p><p>Following US core inflation reaching 4.8% which is the lowest figure since November 2021 from 5.3% in May, the Federal Reserve (Fed) may take a more dovish stance in implementing their monetary policy actions.</p><p><br /></p><p>According to JPMorgan analysts, inflation falling to 3% will lead to further upward movement in both crypto and stock markets as the Fed will find it difficult to raise interest rates.</p><p><br /></p><p><br /></p><p>After yesterday's CPI data release, most see a 90% probability that the Fed will raise interest rates by 25 basis points during the next Federal Open Market Committee (FOMC) meeting on July 26.</p><p><br /></p><p>There is no denying that BTC rose more than 1% past $31,000 in just a few minutes after the CPI data before the price fell again, however analysts expect the digital asset to break through $35,000 after making some ups and downs.</p><p><br /></p><p>In addition, popular analyst Michael van de Poppe also strongly believes that positive CPI data can push the entire crypto market including BTC to jump higher.</p><p><br /></p><p>As of this writing, BTC price has plunged by 0.71% to $30,336 in the last 24 hours with a market capitalization of $589 billion and has recorded a 0.16% decline over the past week.</p><p><br /></p><p>While Ethereum (ETH) slipped around 0.69% at $1,870 in the last 24 hours and Ripple (XRP) lost 0.83% at $0.47 with a market capitalization of $24 billion.</p>