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 rose modestly early Wednesday after investors reacted to the latest U.S. inflation reading. The world’s largest cryptocurrency was up 2.7% over the past 24 hours to $98,863, according to CoinDesk data.

Bitcoin has surged back to almost $100,000 as key inflation reports show a slowdown, and the stock market is rebounding. The top cryptocurrency is trading at $99,442, representing an increase of 3.5% on Wednesday.

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Bitcoin was rising marginally but remained below $100,000 following a retracement from last month's record high. "Discretion may be the better part of valour in digital assets over the next week or so,

Bitcoin rebounded sharply on Tuesday, climbing over 5% to $97,111 by 09:47 ET (14:47 GMT) after hitting a low of $89,665 the previous day. Dip buyers drove the recovery, with market participants closely watching

Bitcoin shot back to $97,044 on Tuesday, climbing 4.5% in a single day after plunging below $90,000 earlier in the week. The broader crypto market followed suit, with the CoinDesk 20 index rising 3.9%.