Bitcoin Jumps Above $93,000 After US CPI Print: Bull Market Returning Slowly?

Group 1 - Bitcoin climbed back above $93,000 following the latest US inflation data, indicating a return of risk appetite after weeks of ETF-driven selling [1][3] - The Consumer Price Index (CPI) showed inflation at 2.7% year over year, suggesting that while prices are still rising, the pace is much slower compared to the inflation shock of 2022 and 2023 [2][4] - The current inflation environment supports risk assets, as it alleviates fears of renewed monetary tightening, allowing investors to feel more comfortable holding assets like Bitcoin [3][5] Group 2 - Bitcoin's price surge is attributed not only to the CPI data but also to a stabilization phase after a significant ETF-driven reset, where over $6 billion exited US spot Bitcoin ETFs earlier in January [4][5] - Outflows from Bitcoin ETFs have slowed, with Bitcoin trading close to the ETF average cost basis of $86,000, which often acts as a support level [5][6] - Bitcoin is building support between $88,000 and $92,000, with the CPI data removing a major macro risk, indicating that the reset phase is well advanced [6]