Bitcoin Holds $80K Amid Inflation Data, Senate Confirms Warsh to Fed Board
Bitcoin (BTC) held steady around $80,500 on May 12, 2026, despite hotter-than-expected U.S. inflation data that pushed headline CPI to a three-year high of 3.8%. The S&P 500 and Nasdaq pared losses into the close, with the Dow eking out a small gain. Crypto-related stocks were mixed; Hut 8 rose 4.5% while Coinbase and Circle dropped over 6%. In a separate development, the Senate confirmed Kevin Warsh to the Federal Reserve Board, with a vote on his chairmanship expected Wednesday. Traders bet his past crypto exposure could lead to friendlier digital asset regulation. BTC briefly rose to $80,400 from $79,900 on the news. Analysts note bitcoin's resilience near $80,000 despite inflation concerns, citing potential catalysts such as the CLARITY Act markup, speculation around a U.S. Strategic Bitcoin Reserve, and continued ETF inflows exceeding $3.5 billion over six weeks. A daily close above $82,000 could trigger a rally toward $85,000, while failure may lead to a retest of $75,000 support. The copper/gold ratio, a leading indicator, broke above its 200-day moving average, historically bullish for bitcoin.
Key facts
- Bitcoin holds ~$80,500 despite April CPI hitting 3.8%, the highest since May 2023.
- Senate confirms Kevin Warsh to Fed Board; chair vote expected Wednesday.
- Crypto stocks mixed: Hut 8 gains 4.5% but Coinbase and Circle fall over 6%.
- Analysts see $82K daily close as trigger for rally to $85K-$90K.
- Copper/gold ratio breaks above 200-day MA, historically bullish for BTC.