Bitcoin (BTC) fell back in line at the June 12 Wall Street open after a brief macroeconomic data jolt failed to shift the status quo.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

Markets expect first Fed pause since 2021

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD continuing to circle $26,000, avoiding major volatility.

The largest cryptocurrency saw a brief spike toward $26,500 on the back of the latest United States Consumer Price Index (CPI) print, which came in below expectations.

While ostensibly a boon to risk assets, crypto markets remained cautious on the day, with comments from the Federal Reserve and further macro prints due in the coming days.

Bets on the Fed pausing its rate hike cycle on June 14 after the meeting of the Federal Open Market Committee (FOMC), meanwhile, climbed following the CPI event. At the time of writing, per CME Group’s FedWatch Tool, the odds stood at over 90%, having started the day at 75%.