Bitcoin Falls 3% In An Hour Despite CPI Data Meeting Expectations

Bitcoin fell 3% in simply over an hour following the newest Client Value Index (CPI) knowledge, which got here in under expectations.

BTC spiked to virtually $62K on the again of the CPI print, however has since retraced under the psychological $60K mark to commerce at $59,309.52 as of 9:25 a.m. EST.

Inflation Slowing To Lowest Charge In 3 Years

The CPI elevated 0.2% on a seasonally adjusted foundation after it declined 0.1% in June. All through the previous 12 months, the index rose 2.9% earlier than seasonal adjustment. This got here in just under the three% rise that economist’s had anticipated.

The primary purpose for the rise was rising housing prices. simply power and meals exhibits that the core CPI elevated by 0.2% month-to-month and three.2% yearly, which was in step with expectations. The annual fee can also be the bottom it has been since March 2021. Equally, the core fee has come within the lowest it has been since April of the identical 12 months.

Bitcoin May Nonetheless Drop To $55K, Warns Analyst

Commenting on BTC’s response to the newest CPI knowledge, widespread dealer Daan Crypto Trades mentioned in an Aug. 14 X publish that he doubts the financial knowledge will “affect markets a lot in the long run.” He added, “a minimum of no loopy upside or draw back shock is sweet.”

$BTC 1D

Searching for worth to hit 58 & presumably 55k earlier than doubtlessly taking longs.

My plan has remained unchanged for the final week. Not seeing energy right here for continuation upwards as we’ve bearish worth motion (low vol + worth up).#bitcoin #cryptocurrency #cryptonews pic.twitter.com/0cM4nduQMb

— Roman (@Roman_Trading) August 14, 2024

In the meantime, one other crypto dealer that goes by the identify Roman warns that the main crypto might nonetheless drop some extra within the coming days. “Searching for worth to hit 58 & presumably 55K earlier than doubtlessly taking longs,” he advised his followers.

Roman reiterated issues he has about BTC’s worth climbing regardless of a scarcity of quantity, and added that he’s not seeing the energy wanted to sign a continuation of an uptrend.

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