Bitcoin Slides As CPI Report Hints At Soaring Inflation – More Bearish Pressure Ahead?
11 Juni 2022 - 12:20PM
NEWSBTC
As traders buckle down for the weekend, Bitcoin prices ushered in
Friday’s session rather sluggishly. During European trading hours,
Bitcoin stayed slightly around $30,000, displaying signs of
weakening ahead of the U.S. consumer price index (CPI)
release. The price of Bitcoin decreased on Friday after U.S. CPI
data revealed that inflation was not abating. Suggested Reading |
Ethereum Prices Down For 4th Straight Session As ETH Trades Below
$1,800 Bitcoin Drops 1.6% Minutes After CPI Report In contrast to
forecasts, the U.S. CPI increased last month, as indicated by the
data. BTC fell by 1.6% in the minutes following the release. BTC
prices continue to trade below this week’s resistance level of
$30,500 and have inched closer to the $29,500 support level. BTC
traders have experienced a consolidation between $32,000 and
$28,650 after the selloff in May pushed the BTC/USDT pair to a low
of $26,350. As a result, the BTC price has oscillated within a
range for about a month, signaling market participants’
uncertainty. CPI Climbs 8.6% YOY Last Month According to the U.S.
Department of Labor, the CPI, the most commonly followed measure of
inflation, rose 8.6 percent year over year in May, up from 8.3
percent in April. The market anticipated a reading of 8 percent.
Source: New York Post U.S. inflationary pressures have driven the
Federal Reserve to boost interest rates more rapidly, suggesting
additional losses for riskier assets. In spite of negative
macroeconomic market sentiment and systemic threats in the broader
cryptocurrency market, Bitcoin has traded inside a narrow band of
$28,000 to $31,000 over the previous 30 days. In addition to rising
interest rates, inflation, and the economic uncertainty that has
plagued the entire financial system as a result of Russia’s
unprovoked invasion of Ukraine, rising interest rates and inflation
are also among the primary factors that have contributed to the
negative market sentiment. BTC total market cap at $556 billion on
the weekend chart | Source: TradingView.com BTC Sheds Nearly 65%
From ATH The world’s most sought-after crypto is down almost
65 percent from its all-time high, which was reached in the fourth
quarter of 2017. Despite recent losses, Bitcoin values are about 1
percent higher than they were a week ago, when they were trading
for less than $29,000. Meanwhile, Saturday’s Coingecko graphic
depicts BTC trading at $29,271.63, down 1.5 percent in the last
seven days. Suggested Reading | Dogecoin Market Cap Shed $6-B Last
Month – Will Bearish Pressure Continue The Pulldown? Featured image
from Currency.com, chart from TradingView.com
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