Because with the presumption that the CPI might keep going down, giving an opportunity for Powell to achieve his "Soft Landing", then there's also the tendency that markets surge and people start spending money like a drunken sailor again because "everything is going to be OK". But let's wait for next month's CPI print after the market and the people's positive reaction for the current month.
Since the reduction of the Consumer Price Index is significant the reduction of consumer price also indicates low inflation, there are predictions that the Federal Reserve will reduce interest rates from June to September. Which means more money in the hands of American citizens and the potential of saving and investing. If the US Central Bank reduces interest rates for few times it might trigger a price increase.
If the CPI prints another small decrease during the next report, both legacy and cryptocurrency markets could surge to new all time highs.
And again and again, crypto bounces when inflation shows a decline after falling during months of high inflation.
How many nails are there already in the coffin of the theory that Bitcoin does great in times of high inflation, war, disasters, and economic downturns?
It is now clear that the Bitcoin market is highly connected to the US economy. A good economic condition in the US will mean a high price and vice versa. A war or natural disaster in the US may trigger a crypto bear season. No country's economic or political conditions affect Bitcoin price like the US not even El Salvador.