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Why is Bitcoin price up today?

Published 12/13/2022, 11:25 AM
Updated 12/13/2022, 01:00 PM
© Reuters.
BTC/USD
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Bitcoin price is up on Dec. 13, and a market-wide rally in crypto prices has some investors hopeful that the intra-day high at $18,105 is a sign that BTC has bottomed.

A primary catalyst for the rally appears to be the Consumer Price Index report which showed energy decreasing by 1.6%, which should be welcomed news for struggling Bitcoin miners. With the overall CPI report showing easing inflation at 7.1% versus the previously expected 7.3%, equities traders are reacting by driving prices higher.

Daily cryptocurrency market performance. Source: Coin360
Bitcoin options strike prices. Source: Coinglass
Bitcoin liquidations. Source: Coinglass
Interest rates may fall. Source: MacroMicro
Bitcoin, Nasdaq, DXY and SPX. Source: TradingView

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