Despite the brief reversal in cryptocurrencies, which capped the previous week’s gains, Bitcoin (USD-BTC) has resumed its upward trajectory this week. The legacy cryptocurrency broke above the $23,000 resistance and generated gains of almost 10.3% in the previous seven sessions. Following the bullish momentum throughout January, BTC’s 30-day yield now sits around 37%.

This week’s rebound was mainly attributed to the positive CPI report released by the Bureau of Labor Statistics (BLS), which reflected a -0.10% decline in headline inflation for all urban consumers. Month after month. These data marked the most significant drop in inflation since April 2020, raising hopes of a less aggressive increase in interest rates by the Federal Reserve during the next decision due…