Bitcoin has changed direction after weeks of Ethereum gaining 8% and Solana soaring 9%. “Bitcoin is up today because both yesterday's producer price index and today's consumer price index were relatively moderate,

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.

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.

Bitcoin notched its biggest gain of the new year as reassuring US inflation figures revived bets on further interest-rate cuts by the Federal Reserve, lifting global markets.

After the data release, the crypto asset's price quickly surpassed $98,500, its highest value in over a week. This sharp rise represents an almost $10,000 rebound from Bitcoin's recent low of $89,200 on Monday, indicating significant interest in the leading cryptocurrency.

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.

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.

Fundstrat's Tom Lee told CNBC's "Squawk Box" Monday that bitcoin could correct to $70,000 before breaking to new records and eventually end the year between $200,000 and $250,000. Crypto traders are accustomed to steep drawdowns in bitcoin during a bull market.

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

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.

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.