Bitcoin ($BTC) Approaches $63K Ahead of U.S. CPI Data

Bitcoin made some cautious gains on Wednesday ahead of the latest inflation data from the U.S. BTC is priced at $62,775 at the time of writing, up 1.8% in 24 hours. The wider digital market, as measured by the CoinDesk 20 Index (CD20), also ticked up, adding 0.55%. April’s U.S. Consumer Price Index (CPI) inflation data is due at 08:30 ET, with expectations that it will show a 3.4% year-on-year increase, slower than March’s 3.5%. Some analysts expect a softer-than-expected CPI reading could lift bitcoin above $65,000.