United

Bitcoin

Material

<div class="sg-post-des">
 BTC price clings to $26,000 with Bitcoin traders braced for the Wall Street open following the latest CPI report. 
</div> 
<div class="cointelegraph"> 
 Bitcoin (BTC) saw snap volatility on Sep. 13 as United States macroeconomic data showed inflation beating expectations. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/09/13/84fde92b0fa032b477a0f480b1deacee.webp"> 
 <figcaption style="text-align: center;"> BTC/USD 1-hour chart. Source: TradingView 
 </figcaption> 
 </figure> 
 <h2 id="fuel-shelter-boost-august-cpi-beyond-target">Fuel, shelter boost August CPI beyond target</h2> 
 Data from Cointelegraph Markets Pro and TradingView followed BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action as it threatened a fresh loss of the $26,000 mark. 
 The Consumer Price Index (CPI)&nbsp;print for August came in at 3.7% year-on-year — 0.1% higher than forecast. 
 “The index for gasoline was the largest contributor to the monthly all items increase, accounting for over half of the increase,” part of an official press release from the U.S. Bureau of Labor Statistics read. 
 <blockquote>
 “Also contributing to the August monthly increase was continued advancement in the shelter index, which rose for the 40th consecutive month.” 
 </blockquote> 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/09/13/67a3521a1efd25ecbd378ae15ac36c91.webp"> 
 <figcaption style="text-align: center;"> U.S. CPI 12-month percentage change chart. Source: U.S. Bureau of Labor Statistics 
 </figcaption> 
 </figure> 
 Earlier on the day, crypto market participants had warned that a “hot” CPI reading would pressure the market, as it would imply that <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> remained more stubborn than hoped. This in turn could have implications for how restrictive economic policy remained in future. 
 <blockquote class="twitter-tweet"> 
 CPI in 1 hour. Tip: Don't open positions into news announcements and wait 30 mins after data is out to start trading. Previous: 3.2% Est: 3.6% - 3.5% or lower: $BTC will likely hit the liquidity zone at $26800. - 3.7% or higher: Asian pump likely to get retraced.— CrypNuevo (@CrypNuevo) September 13, 2023 
 </blockquote> 
 “I think in next CPI we see +4% with the gasoline prices going up this fast,” popular trader CrypNuevo told subscribers on X (formerly Twitter) in part of a reaction. 
 <blockquote>
 “Inflation is still a problem, and a big problem in this second half of the year.” 
 </blockquote> 
 CPI was already <a rel="noopener noreferrer nofollow" title="forecast" href="https://thebittimes.com/tag/forecast.html">forecast</a> to beat its July year-on-year figure, with August at 3.6% versus the previous 3.2%. 
 <h2 id="bitcoin-bid-liquidity-sticks-to-25-000-and-below">Bitcoin bid liquidity sticks to $25,000 and below</h2> 
 Prior to the release, Keith Alan, co-founder of on-chain monitoring resource Material Indicators, was optimistic about the week’s BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> momentum holding out. 
 Related:&nbsp;GBTC ‘discount’ hits smallest since 2021 despite BTC price at 3-month lows 
 “The strength of BTC momentum has faded a bit since yesterday, but so far it's still strong enough to hold on to most of what was reclaimed after the bounce,” part of an X post read. 
 Alan reiterated that “lots of technical resistance” remained above the current spot price range, this coming in the form of multiple daily moving averages. 
 With the Wall Street open still to come, volatility was in play, with BTC/USD lacking a clear trend at the time of writing. 
 An accompanying snapshot of the BTC/USDT order book on largest global exchange Binance showed only modest liquidity surrounding spot <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>, with more bids parked at $25,000. 
 <figure> 
 <img src="https://cdn.thebittimes.com/images/2023/09/13/53bd48c5b4d471e6c066fa311e5d3651.webp"> 
 <figcaption style="text-align: center;"> BTC/USD order book data for Binance. Source: Material Indicators/X 
 </figcaption> 
 </figure> 
 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. 
 <template data-name="subscription_form" data-type="markets_outlook"></template> 
</div> 
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-reacts-as-3-7-cpi-sees-inflation-jump-beyond-forecasts-tbt62577.html">https://thebittimes.com/bitcoin-price-reacts-as-3-7-cpi-sees-inflation-jump-beyond-forecasts-tbt62577.html</a>

Bitcoin price reacts as 3.7% CPI sees inflation jump beyond forecasts

Table of Contents

TheBitTimes

Other articles published on Sep 18, 2023

AXIOMA TOKEN - HOW TO MAKE MONEY IN CRYPTOCURRENCY 2024

Aave Price Prediction: Will AAVE Crypto Sustain at $70 Mark?

Web3 is about solving business problems, not token prices: Google Cloud exec

Justin 'T-Bills' Sun prints $800M to himself

Xsolla Launches Mall, An Online Destination For Video Games

Crypto fund outflows reach nearly half a billion over 9 weeks — CoinShares

Join our free newsletter for daily crypto updates!