$BTC Bitcoin touched $110,300 on Wednesday after a better-than-expected May CPI print, with headline inflation rising 2.4% year-over-year, slightly below the forecasted 2.5%. The figures offered a brief boost despite worries over tariff-driven inflation pressures.

The largest crypto asset also found support from President Trump’s announcement of progress in US-China trade talks on the day. But analysts say the new deal is still narrow in scope, largely focused on rare earth export controls.

According to Capital Economics’ Mark Williams, major trade barriers are untouched, with tariffs still running at 55% on Chinese goods and 10% on US exports.

Analysts suggest it’s more of a pause than a resolution, even though the administration framed the deal as a win.