Bitcoin is rising and trading is expected to fluctuate within a range before inflation cools down.

In response to the latest release of the US Personal Consumption Expenditures Price Index, Bitcoin rose in early Asian trading. This inflation indicator favored by the Federal Reserve is higher than expected. Analysts at Sygnum Bank believe that cryptocurrencies may continue to fluctuate within a range until inflation cools significantly. They suggest that persistently high inflation data is expected to keep the Federal Reserve on hold, thereby increasing the opportunity cost of holding non-yield assets like Bitcoin. The bank believes that it is the macro environment rather than technical factors that are limiting the upside potential of cryptocurrencies. The bank's investment strategist Can-Luca Koymen added, "Recent outflows from ETFs appear to be more profit-taking and macro de-risking, rather than structural exits." Bitcoin rose by 0.6%, reaching $59,698.79.