The Bitcoin price has surged today following the release of the US Consumer Price Index (CPI) data, which showed a cooling of inflation. This has boosted market confidence and raised bets on a potential dovish stance by the Federal Reserve.

CPI Data Shows Cooling Inflation

The US CPI remained unchanged at 0.3% in May, exceeding market estimates. On a yearly basis, the CPI cooled to 3.3% from 3.4% in the previous month. The Core CPI, excluding food and energy prices, cooled to 0.2% from 0.3% in the prior month. This cooling inflation has sparked market optimism.

Market Sentiment Boosted

The cooling inflation data has boosted market sentiment, especially after last week's robust US job data. The crypto market is now closely watching the Federal Reserve's interest rate decision and Fed Chair Jerome Powell's press conference later today.

Bitcoin Price Rallies

The Bitcoin price has rallied 3.60% today, exchanging hands at $69,411.30. The price has touched a low of $66,123.60 over the last 24 hours. The Bitcoin Futures Open Interest has risen 2.29% to 523.38K BTC or $36.37 billion.

Altcoins Sector Notes Strong Recovery

The altcoins sector has also noted a strong recovery. Ethereum price rose nearly 3% to $3,637.36, while Solana price rose about 4% to $158.43.

Market Anticipates Dovish Stance

The market anticipates a dovish stance by the Federal Reserve with its interest rate plans. If the US CPI cools to 3.3%, Bitcoin could witness a surge of over 4%, according to 10X Research's Markus Thielen.

FOMC Decision and PPI Data to Watch

The market will be closely watching the FOMC decision and the Fed Chair's comment later today. The US PPI inflation data, scheduled for tomorrow, will also play an important role in deciding the potential future movement of the market.