Bitcoin rises to $62,410 after US CPI matches forecasts

Bitcoin gained about 2.5% to $62,410 after the US Bureau of Labor Statistics released the May Consumer Price Index, which matched economists’ forecast at a 4.2% year-over-year increase, the highest annual reading in more than three years. Headline CPI rose 0.5% month over month. Core CPI, which excludes food and energy, was up 2.9% year over year and 0.2% month over month.

The rise in the headline rate was driven largely by higher energy and gasoline prices. Renewed tensions in the Middle East pushed oil prices higher, which contributed to the lift in energy costs. Higher inflation readings can make interest rate cuts less likely and tend to keep Treasury yields elevated.

Traders bought risk assets after the inflation print matched expectations, removing the immediate risk of a hotter-than-forecast surprise. That buying pressure coincided with Bitcoin rebounding from longer-term support levels, including the 200-week exponential moving average and the $60,000–$62,000 price area.

On the four-hour chart, Bitcoin remains below short-term resistance at the 20-period and 50-period simple moving averages. Price appears to be trading inside a bear flag pattern, an upward-sloping channel that can form after a sharp decline. A breakdown below the flag’s lower trend line would use the height of the prior sell-off projected from the breakdown point to estimate a target near $57,800, roughly 7.6% below current levels.

An alternative scenario would require a clear breakout above the confluence of the 20- and 50-period averages and the flag’s upper trend line. Such a move would weaken the bearish pattern and could lift Bitcoin toward the $64,000–$68,000 range, which aligns with common Fibonacci retracement levels from the prior decline.

Market participants are likely to watch upcoming US inflation data and Federal Reserve guidance for cues on monetary policy and risk appetite. Until Bitcoin closes decisively above the short-term resistance cluster or breaks below the flag’s lower boundary, price action will show competing signals between the recent relief bounce and the existing bearish structure.