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06/11 04:31

Bitcoin Steadies Near $110K as Traders Await Infla

Bitcoin Steadies Near $110K as Traders Await Inflation Data, Fed Signals

Bitcoin is trading close to two-week highs near $110,000 as investors await U.S. inflation data that may shape the Fed’s rate outlookBitcoin-decrypt-style-12-gID_7.webp

  • Bitcoin traded near $110,000 ahead of key U.S. inflation data, holding close to its May all-time high of $111,814.
  • Investors expect May CPI to show core inflation rising 0.3%, with headline inflation at 2.4% year-over-year.
  • Fed funds futures price in a 61% chance of a rate cut in September, per CME’s FedWatch Tool.

Bitcoin held above $110,000 on Tuesday, supported by sustained institutional buying and cautious investor positioning ahead of U.S. inflation data that could influence the Federal Reserve’s interest rate outlook for the remainder of this year.

The crypto was last trading at $109,900, after reaching a session high of $110,237. It is up 4.2% over the past week and has remained within reach of its May 22 peak of $111,814, CoinGecko data shows.

It comes as investors await May’s Consumer Price Index report, due at 8:30 a.m. ET on Wednesday. 

Economists expect the core CPI to rise 0.3% from April, with the headline CPI up 0.2% on a month-over-month basis and 2.4% year-over-year, per MarketWatch data. Producer price data is due Thursday. 

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