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Following
BTC From the end of September to the beginning of October, after the US Producer Price Index (PPI) and employment reports were released, market attention quickly shifted to the key indicator that determines the next steps in the Federal Reserve’s policy stance: the Consumer Price Index (CPI).
According to the latest data released by the U.S. Bureau of Labor Statistics, the year-over-year increase in CPI was 3.7%, slightly higher than the expected 3.6%; the month-over-month increase was 0.6%, which was in line with market expectations. Excluding the volatile energy and food sectors, the core CPI increased by 2.6% year-over-year and 0.3% month-over-month. Both figures were slightly higher than the previously estimated 2.5% and 0.2%, respectively.
After the release of the CPI data, Bitcoin prices plummeted significantly.
Within the first few minutes after the CPI data was announced, Bitcoin prices dropped from around $83,800 to $82,800, showing a significant decline.
Lacie Zhang, a research analyst at Bitget Wallet, told CryptoPotato that data that “exceeds expectations” could lead to “more intense re-pricing.” She added, “The biggest risk that investors may underestimate is that core inflation, driven by energy disruptions, tariffs, or sustained demand, may be sticky. This could force the Fed to maintain a policy of keeping interest rates high for a longer period, even though markets generally expect another rate hike this year.”
Lacie Zhang also noted that Bitcoin’s next key support level is between $81,000 and $82,000. If selling pressure increases after the release of the CPI data, cryptocurrency prices could soon test this support level again.
