Inflation Data Dropped So Soft It Made Bitcoin Check Its Pulse From $70K

Bitcoin's sitting pretty above $70,000 like it owns the place, after that brief joyride to $73,000 when the US-Iran ceasefire made everyone briefly optimistic about cheap gas. Meanwhile, oil's been throwing a lavish party above $100 for over a month now—apparently having survived every bear market thesis ever written—and that energy-induced price pressure is making the Fed's cozy 2% inflation target look about as realistic as a 3x leverage long that actually hits. Central bankers are now nervously sweating whether these energy-fueled price spikes will derail their careful plans, with whispers in the corridors of power that maybe—just maybe—they'll need to slam the brakes with another rate hike.

Well, the March CPI data just hit the tape like a mic drop at a bull market party, and here's the full breakdown that Fed Chair Jerome Powell has been refreshing his Bloomberg terminal for:

Annual CPI: 3.3% (expected 3.4%, previous 2.4%) Monthly CPI: 0.9% (expected 1.0%, previous 0.3%) Core Annual CPI: 2.6% (expected 2.7%, previous 2.5%) Core Monthly CPI: 0.2% (expected 0.3%, previous 0.2%)

For those playing at home, CPI is basically the scoreboard tracking how fast your grocery bill makes your wallet cry. According to The Kobeissi Letter, this CPI reading hit its highest level since May 2024, all thanks to the Iran-Iraq conflict throwing a wrench into global supply chains. And just like that, any hopes of Fed rate cuts in 2026 got rugged harder than a fresh DeFi protocol's TVL.

Bitcoin's initial reaction? Basically the calm, unbothered energy of someone who just watched their portfolio dip 15% and decided to make lunch instead. It's staying cozy above $70,000 like it's completely unfazed by macroeconomic chaos.

*This is not investment advice. And honestly, after reading this, you might need some.