Bitcoin Rises Following Weak CPI Report
Bitcoin's Recent Performance: Bitcoin (BTC-USD) rose 2.4% to $88.3K following a favorable inflation report, attempting to breach the $90K resistance level but ultimately falling short.
Market Trends: Other cryptocurrencies like Ether (ETH-USD) and ZCash (ZEC-USD) also saw gains, while crypto-related stocks experienced positive movement, reflecting overall bullish sentiment in the market.
Inflation Report Impact: The increase in Bitcoin's price coincided with a reported 2.7% year-over-year rise in the November Consumer Price Index, which was lower than expected, suggesting potential for future rate cuts.
Caution from Economists: Despite the positive inflation data, economists advised caution, noting possible quality issues in the data due to the recent government shutdown.
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