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<h2 id="header-0">On Thursday (Oct 13), the United States released lower-than-expected CPI figures for September 2022, resulting in a significant drop in the cryptocurrency market.</h2>Bitcoin and the broader crypto market responded immediately, with the BTC price plummeting to $18,000.However, as the on-chain data provider revealed, the <a href="https://www.coingabbar.com/en/crypto-currency/bitcoin-btc-prices-usd" rel="noopener noreferrer nofollow">Bitcoin price</a> began to rise as the short vs long ratio on exchanges reached a three-week high. According to the data provider:“As inflation news surfaced, traders massively shorted Bitcoin and altcoins. When BTC reached a three-week high in the short vs. long exchange ratio, prices reversed direction and began to rise, and many bets against crypto were liquidated. Prices move in the direction of the crowd&#39;s least expected.”It is worth noting that the Bitcoin price short covering coincided with a sharp recovery in US markets. Following September&#39;s 8.2% CPI figures, the Dow Jones Industrial Average dropped roughly 300 points in the early trading session.However, by the end of the day, the Dow Jones had gained more than 800 points. This price movement was followed by Bitcoin and the broader crypto market at the same time.Sign of Caution for Bitcoin InvestorsAt the time of writing, the Bitcoin price is trading 3.8% higher at a price of  $19,820 with a market valuation of $379 billion. While Bitcoin&#39;s price has just climbed to $20,000, it still ranks lower in terms of social dominance. According to sources:“Traders are currently chasing short-term pumps in order to recover losses. Weak hands left crypto in 2022, and long-term traders are waiting for Bitcoin to reclaim the limelight. Prices often climb when BTC&#39;s social dominance is high.”Along with Bitcoin, the altcoin market is on the mend. The world&#39;s second-largest cryptocurrency, Ethereum (<a href="https://www.coingabbar.com/en/crypto-currency/ethereum-eth-prices-usd" rel="noopener noreferrer nofollow">ETH</a>), is also up 3.3%, trading at $1326 with a market valuation of $163 billion. It will be fascinating to watch how long Bitcoin and the broader crypto market can withstand this current price increase.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news-english/cpi-performance-worse-expected-leading-crypto-slide" rel="noopener noreferrer nofollow">CPI Performance Is Worse Than Expected, Leading To Crypto Slide</a>

BTC Experiences Significant Short Covering Within Hours of CPI Release

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