Bitcoin's price surged above $69,000 following the release of the latest US Consumer Price Index (CPI) for May, which showed a slight decrease. The data indicates that the highly anticipated US CPI inflation figures were better than what many experts had predicted.

Charlie Bilello, Chief Market Strategist at Creative Planning, noted, "Overall, US CPI decreased to 3.27% year-on-year in May from 3.36% in April. US inflation has now remained above 3% for 38 consecutive months. US Core CPI (excluding Food/Energy) also decreased to 3.41% year-on-year from 3.62% last month. This marks the lowest core inflation reading since April 2021."

Bilello emphasized that the US inflation rate has significantly dropped from its peak of 9.1% in June 2022 to 3.3% currently. He attributed this decline to "lower rates of inflation in used cars, gas utilities, apparel, food at home, gasoline, medical care, fuel oil, food away from home, shelter, and electricity."

The positive CPI figures immediately impacted Bitcoin's price, causing BTC to surge by more than 2% on the 1-hour candle to reach as high as $69,377 at the time of reporting.

Mike Alfred, a board member at IREN Energy, highlighted that this movement indicates that "Bitcoin already anticipates that CPI + Fed won't be significant bearish catalysts. It's a highly intelligent global macro asset that prices in almost everything in advance."

Attention has now shifted to the US Federal Reserve, which is set to announce its decision on current interest rates later today. Jesse Cohen, a Global Markets Analyst at Investing.com, stated, "The May CPI Inflation report could give the Fed the confidence to start paving the way for rate hikes in the months ahead. It will likely take at least three or four consecutive soft inflation reports before they consider cutting rates, but this could be a beginning."