Bitcoin is likely to remain rangebound and trade along with macro data points, until we see a clearer path for rate cut."
Bitcoin jumped with stocks on Wednesday after the April consumer price index showed inflation eased from the previous month.
The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department's Bureau of Labor Statistics reported Wednesday.
Earlier this week, bitcoin also sat out a two-day revival of the meme stock craze.
With Wednesday's gain, bitcoin is now up 7% for the week — its best week since March 29 — and on pace to break a six-week slide.
Persons:
Owen Lau, Oppenheimer, bitcoin, Bitcoin, Dow Jones, Leena ElDeeb, ElDeeb, Jeff Cox, Nick Wells
Organizations:
CNBC, Metrics, Labor Department's Bureau of Labor Statistics, Investors