Following the release of the latest U.S. Consumer Price Index (CPI) data, showing a 0.3% increase in inflation, the Bitcoin price surged past $63,000, indicating a positive market response to the cooling inflation figures.

Despite initial concerns over inflationary pressures and expectations of a potential hawkish stance by the Federal Reserve, the Bitcoin market remained stable as investors reacted positively to the U.S. CPI data. The anticipation surrounding the CPI release was heightened, especially after recent inflation data showed higher-than-expected figures.

The U.S. Labor Department's recent report revealed that the U.S. Consumer Price Index (CPI) rose by 0.3% in April, slightly below market expectations of 0.4%. On a year-over-year basis, the CPI increased by 3.4%, aligning with market forecasts. The Core CPI, excluding food and energy prices, also rose by 0.3% monthly and 3.6% annually, in line with Wall Street estimates.

While inflation remains above the Federal Reserve's 2% target range, the latest CPI data has provided some relief to investors, alleviating concerns of a more aggressive stance by the central bank. Federal Reserve Chair Jerome Powell's comments on maintaining interest rates unchanged for an extended period further reassured investors amidst the lingering inflationary pressures.

In response to the CPI data, the U.S. 10-year Bond Yield dropped by 2.07% to $4.354, and the U.S. Dollar Index fell by 0.42% to $104.455. Despite recent inflation concerns, investors are currently focusing on other market dynamics. The Bitcoin price saw a 3.48% increase, reaching $63,656.35, with a 24-hour high of $63,773.87 and a surge in trading volume to $27.82 billion.

Additionally, Bitcoin Futures Open Interest (OI) rose by 1.75% to 474.38K BTC or $30.25 billion, indicating continued investor interest and risk appetite following the favorable CPI data release. The market response suggests a positive outlook for Bitcoin amidst evolving economic indicators and investor sentiment.