The BTC price is rallying today, following quite a few days in the red. At the time of this writing, bitcoin sits at $44K, up 6% in the past 24 hours.

Bitcoin is down 3.9% in the past seven days, but today alone, the cryptocurrency is doing its best to erase the recent losses.

At the time of this writing, BTC sits at $44K, and it’s up 6% in the last 24 hours alone.

This doesn’t seem to have happened without a reason.

Just a few hours ago, the US Bureau of Labor Statistics released the inflation numbers for the past month.

The Consumer Price Index (CPI), which is a measure of the average change over time in the prices that are paid by consumers for a basket of consumer goods and services, clocked in at 7%, up 0.2% from November.

Interestingly enough, this number is up 5.5% in the past year alone, and it’s currently sitting at its highest point in decades.