Bitcoin sinks as CPI inflation hits 8.3%, shortening odds of 3rd consecutive 75 bps hike

2022-9-13 16:20

The price of Bitcoin sank following the release of Consumer Price Index (CPI) data by the U.S. Bureau of Labor Statistics (BLS), showing a 0.1% increase in August, taking the unadjusted value to 8.3%.

In response to last month’s BLS CPI report, released on August 10, Bitcoin closed the day up 5% to $24,050. BTC has since been trending lower to form a local bottom at $18,700 on September 7.

Since then, BTC has printed six consecutive daily green closes, with today’s price also trending higher ahead of the BLS announcement.

However, on the release of CPI data at 13:30 UTC, BTC’s immediate reaction was a 5% downside swing to bounce at $21,600.

Source: BTCUSDT on TradingView.com Attention turns to the September FOMC meeting

Following the previous Federal Open Market Committee (FOMC) on July 27, the Fed enacted a 75 basis point interest rate hike in a bid to address mounting inflationary pressures.

The next FOMC meeting is scheduled to occur between September 20-21, with 90% of experts now targeting a 75 basis point hike. If implemented, it would make a third consecutive 75 basis point hike.

With no sign of the Fed slowing down its hawkish position, the outlook for risk-on assets remains near term bearish.

The post Bitcoin sinks as CPI inflation hits 8.3%, shortening odds of 3rd consecutive 75 bps hike appeared first on CryptoSlate.

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Источник: cryptoslate.com

bitcoin cpi → Результатов: 77


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Bitcoin price prediction: analyst says short-term trend is bullish, targets $26K

Bitcoin (BTC/USD) has traded up by more than 7% this past week, with positive action seen following US CPI data for July helping bulls break to a two-month high above $24,930. BTC price price – short term bullish trend While the BTC/USD pair has pared some of the intraday gains and currently trade near $24,560, […] The post Bitcoin price prediction: analyst says short-term trend is bullish, targets $26K appeared first on Invezz.

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