Bitcoin (BTC) Price Jumps to $58.3K as US CPI Inflation Drops to 2.5%, Boosting Bitcoin's Appeal as Inflation Protection

Bitcoin ETFs saw $44.32 million in inflows, signaling growing investor confidence. Technical analysis shows Bitcoin poised to break $59,500, with potential rise to $63,500.

Bitcoin price rose on Monday, September 12, as US inflation data showed a smaller-than-expected drop, while key technical levels pointed to further gains for the world’s largest cryptocurrency.

Bitcoin price today: Surges to $58,281 as US CPI data boosts appeal

Bitcoin price⬆ Surged to $58,281 on Monday, as recent US inflation data showed a smaller-than-expected drop.

Bitcoin price⬆ rose by 2.5% in the past 24 hours to $58,281. BTC price⬆ surged to a high of $58,309 earlier on Monday.

Bitcoin price⬆ has been trading in a range between $56,000 and $59,500 over the past two weeks.

Bitcoin price today: Impact of US CPI data, Bitcoin ETFs

A key factor driving Bitcoin’s price increase is the latest Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics. The CPI inflation rate dropped to 2.5% in August, down from 2.9% in July. This was below the expected figure of 2.6%, showing inflation is easing.

Core CPI inflation, which excludes volatile items like food and energy, also fell to 3.2%. This lower inflation can lead to more interest in Bitcoin, as it is often seen as protection against rising prices.

Spot Bitcoin ETF inflows also drove Bitcoin’s rise. According to blockchain analytics platform Lookonchain, the 10 Bitcoin ETFs recorded inflows of $44.32 million on September 11.

Bitcoin price today: Technical analysis

From a technical perspective, Bitcoin found solid support around the $56,000 level earlier this week and has gained 3% over the past few days.

After surpassing the $57,022 resistance level, Bitcoin saw a 3.4% surge following the CPI report, pushing its price to $58,309.

Bitcoin is now poised to test its 50-day and 200-day exponential moving averages (EMA) near $59,500. A breakout above this level could propel Bitcoin toward $63,500 in the coming weeks.

With inflation slowing and more interest in Bitcoin, the cryptocurrency may continue to rise.

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