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The Bitcoin price crashed below $60,000 following the release of the US CPI inflation data. The CPI showed that inflation in the US hit 2.4% in September
Bitcoin’s (CRYPTO: BTC) price briefly crashed below the key $60,000 level on Thursday evening, marking the first time BTC has traded under $60,000 since mid-September.
Bitcoin prices reacted to the latest Consumer Price Index (CPI) inflation data, which showed that inflation hit 2.4% in September, coming in higher than the consensus estimate of 2.3%.
Traders were largely expecting the new CPI print to come in lower than expected, especially after the Producer Price Index showed that wholesale inflation hit a seven-month low in September.
Higher inflation typically bodes well for Bitcoin and other risk assets, as it increases the likelihood of the Federal Reserve pivoting to a dovish stance and cutting interest rates.
However, recent comments from Powell and the Fed minutes from the September meeting showed that a 50 basis point rate cut in November is far from certain.
The CPI data showed that food and energy prices rose at a slower pace in September, while the core CPI reading, which excludes volatile food and energy components, hit 2.2% year-over-year, in line with expectations.
On a month-over-month basis, the core CPI reading showed a 0.2% increase, lower than the consensus estimate of 0.3%.
Bitcoin prices have shown resilience throughout the week despite bearish macroeconomic news and worsening sentiment among investors.
After rallying to highs of $62,000 early in the week, BTC prices faced selling pressure at the $61,500 level, which led to a bearish outlook for the flagship crypto.
Bitcoin prices dropped to lows of $59,800 on Thursday evening, but quickly recovered back above the $60,000 level.
Bitcoin prices are now down less than 1% over the last 24 hours and trade at $60,700 at press time.
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