Bitcoin has changed direction after weeks of retreat during which crypto investors dumped risky assets. The cryptocurrency rose 4% in the past 24 hours to $100,000 immediately following the release of closely-watched inflation data.

On Wednesday, the price of bitcoin continued rising, surging to over $99,000 as it looked poised to return to the $100,000 mark, driven by new inflation data. Minutes after the U.S. Bureau of Labor Statistics unveiled new data from the Consumer Price Index, bitcoin’s price jumped by $1,500, representing a 2% price improvement for the day.

Bitcoin hovered near $100,000 after notching its biggest gain of the new year on reassuring US inflation data that lifted global markets by reviving bets on further Federal Reserve interest-rate cuts.

The price of Bitcoin dipped to $92,700 as a stronger-than-expected labor market reading contributed to investors' inflation jitters.

The fall comes after the cryptocurrency experienced a meteoric rise, fueled in part by the reelection of Donald Trump.

Inflation fears are eating away at Bitcoin’s post-election gains, and consumer prices rose a greater-than-expected pace in December.

Crypto prices are stuck in a tug of war between investors' concerns about rising inflation under the incoming administration of Donald Trump and optimism over the president-elect'

Fartcoin (FARTCOIN) led the highest gains over the past week among the largest 100 crypto assets by market cap. The Solana-based meme coin rallied 69.4% over the last 7 days to $1.42 at press time while its market cap has jumped to $1.41 billion.

The latest Consumer Price Index (CPI) figures for December have rattled markets, throwing the Federal Reserve’s inflation strategy into question.

On Friday, the price of Bitcoin (BTC) hit the $102,000 mark, increasing by 8.4% on the weekly chart. The ongoing positive sentiment surrounding Bitcoin is largely fueled by hype around Donald Trump’s inauguration on January 20.

Bitcoin (BTC) continues its recovery, trading above $97,000 on Wednesday after retesting its key psychological level at $90,000 earlier this week. The upcoming US Consumer Price Index (CPI) data release could bring volatility to Bitcoin, and traders should watch for it.

Bitcoin ( BTC) held $96,000 at the Jan. 14 Wall Street open as US macro data boosted a price comeback. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD extending gains, which began hours after the pair hit two-month lows the day prior.