Bitcoin (BTC) Price Stands Still Amid Higher-Than-Expected CPI Report
10/10/2024 20:04
Bitcoin price kept swinging sideways after the CPI report came at a higher figure than the market expected. What is next for the coin
The latest US Consumer Price Index (CPI) report has delivered a surprise 2.4% outcome, revealing higher-than-anticipated inflation figures. Despite that, Bitcoin’s (BTC) price is holding on to the $60,000 threshold.
Before now, the broader market had expected that inflation would be around 2.3% and probably help BTC escape consolidation. But that did not happen.
CPI Outcome Disappoints the Market
The CPI for September rose by 0.1% above expectations. While this is higher than the projected outcome, it is lower than the result for August, which was 2.5%.
This is a developing story.
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Victor Olanrewaju is a technical and on-chain analyst at BeInCrypto, where he monitors the activities of mid- and large-scale investors, commonly known as crypto whales, to detect investment trends across diverse cryptocurrencies, including Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, as well as meme coins like Dogecoin, Shiba Inu, and Pepe. Additionally, he covers emerging trends including Tap-to-Earn games, AI tokens, and real-world assets (RWA). Before joining BeInCrypto...
Victor Olanrewaju is a technical and on-chain analyst at BeInCrypto, where he monitors the activities of mid- and large-scale investors, commonly known as crypto whales, to detect investment trends across diverse cryptocurrencies, including Bitcoin, altcoins such as Solana, XRP, Cardano, and Toncoin, as well as meme coins like Dogecoin, Shiba Inu, and Pepe. Additionally, he covers emerging trends including Tap-to-Earn games, AI tokens, and real-world assets (RWA). Before joining BeInCrypto...
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