Bitcoin (BTC) hung precariously around $30,000 Wednesday afternoon after the latest Consumer Price Index (CPI) report showed inflation cooling slightly, but not as much as economists had expected.

The largest cryptocurrency by market capitalization was recently at $30,030, off a few fractions of a percentage point over the past 24 hours, according to CoinDesk’s data. BTC’s price reached as high as $30,548 earlier Wednesday after the Bureau of Labor Statistics’ much-watched, inflation reading showed the CPI rising 0.1% increase in March, slower than economists' 0.2% forecast for the month and then February’s 0.4% reading. On a year-over-year basis, the CPI was higher by 5%, down from 6% in February and against expectations of 5.2%.

BTC's profit-taking is "intensifying" following the report, Edward Moya, senior market analyst at foreign exchange Oanda, wrote in a Wednesday note.

Ether (ETH), the second-largest cryptocurrency in market value, was recently trading at $1,914, up 0.3% from Tuesday, same time. Validators and market watchers are eyeing Ethereum’s Shapella upgrade, which is scheduled to go live at 6:27 p.m. ET (22:27 UTC).

(by James Rubin)