Bitcoin Pumped and Dumped $1.5K Following US CPI Numbers

After sitting quietly for days, bitcoin went on a rollercoaster yesterday after the US announced the CPI data for April. After failing to overcome $30,000 on Saturday morning and being pushed back down by a grand, BTC had a relatively quiet weekend without any major moves in either direction. The landscape changed on Monday and Tuesday when the asset fell to $28,000. The actual figures were slightly lower than expected, which propelled an immediate price increase for Bitcoin that drove it from $27,500 to over $28,300. However, the cryptocurrency plummeted by over $1,500 in minutes shortly after, dumping to a 6-week low of under $27,000.

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