Bitcoin Volatile as US Inflation Exceeds Expectations, Triggering Economic Policy Concerns
Summary:
Bitcoin experiences volatility as US inflation data surpasses expectations, with the August Consumer Price Index (CPI) rising to 3.7% year-on-year. Gasoline prices and the continued growth in the shelter index contribute to the increase. Traders and analysts anticipate the impact of persistent inflation on future economic policies. BTC price momentum faces technical resistance, and the order book shows modest liquidity at the $25,000 level. This article does not provide investment advice.
Bitcoin (BTC) experienced sudden volatility on September 13th following the release of United States macroeconomic data which revealed higher-than-expected inflation. The Consumer Price Index (CPI) for August came in at 3.7% year-on-year, exceeding the forecast by 0.1%. The increase was primarily driven by rising gasoline prices and continued growth in the shelter index. Crypto market participants had anticipated the potential impact of a "hot" CPI reading on the market, as it would signify persistent inflation and potentially affect future economic policies. Popular trader CrypNuevo predicted a further increase in the next CPI, citing the fast rise in gasoline prices as a contributing factor. Ahead of the release, Keith Alan of Material Indicators expected BTC's price momentum to hold steady, despite facing technical resistance. At the time of writing, BTC/USD lacked a clear trend and volatility was in play. The order book for BTC/USDT on Binance showed modest liquidity surrounding the spot price, with more bids placed at $25,000. This article is not intended as investment advice and readers are encouraged to conduct their own research before making any financial decisions.
Published At
9/13/2023 12:50:31 PM
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