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Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) wobbled around the Oct. 10 Wall Street open as mixed United States inflation data sparked risk-asset volatility.
<figure><img alt="Bitcoin digests US 'nightmare' CPI, jobs data as $60K hangs in balance" src="https://s3.cointelegraph.com/uploads/2024-10/019276d5-3560-7b00-a179-7b4dd151bf47" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="us-inflation-data-fallout-positive-for-bitcoin">US inflation data fallout “positive for Bitcoin”</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow" target="null" text="null" title="null">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="null" text="null" title="null">TradingView</a> captured unsettled BTC price conditions focused around $61,000.
The September print of the US Consumer Price Index (CPI) came in above expectations, pointing to stronger than anticipated inflation forces.
“Over the last 12 months, the all items index increased 2.4 percent before seasonal adjustment,” an official <a data-ct-non-breakable="null" href="https://www.bls.gov/news.release/cpi.nr0.htm" rel="noopener noreferrer nofollow" target="null" text="null" title="null">press release</a> from the US Bureau of Labor Statistics (BLS) confirmed.
<figure><img alt="Bitcoin digests US 'nightmare' CPI, jobs data as $60K hangs in balance" src="https://s3.cointelegraph.com/uploads/2024-10/019276d1-3935-77d8-81db-3501a0d2707c" title="">
 <figcaption style="text-align: center;">
 US CPI 12-month % change. Source: BLS
 </figcaption>
</figure>
At the same time, jobless claims hit their highest levels since June 2023 — a contradictory outcome which, when combined with CPI, produces what trading resource The Kobeissi called a “nightmare” for the Federal Reserve.
“The Fed's decision to cut by 50 basis points made absolutely no sense. They even said the economy was at ‘maximum employment’ after announcing the 50 bps cut,” it argued in part of a <a data-ct-non-breakable="null" href="https://x.com/KobeissiLetter/status/1844358203615924331" rel="noopener noreferrer nofollow" target="null" text="null" title="null">response</a> on X.&nbsp;
<blockquote>
 “Was there an external factor pressuring the Fed?”&nbsp;
</blockquote>
<figure><img alt="Bitcoin digests US 'nightmare' CPI, jobs data as $60K hangs in balance" src="https://s3.cointelegraph.com/uploads/2024-10/019276d2-9f10-7240-89e8-6330ab0172f2" title="">
 <figcaption style="text-align: center;">
 Source: Skew
 </figcaption>
</figure>
The situation was not lost on Bitcoin traders, who <a data-ct-non-breakable="null" href="https://x.com/52kskew/status/1844365223718945036" rel="noopener noreferrer nofollow" target="null" text="null" title="null">agreed</a> that Fed officials were more likely to focus on jobs than a slight CPI overshoot.
“Probably the rumours about QE &amp; more rate cuts will strengthen —&gt; positive for Bitcoin,” crypto trader, analyst and entrepreneur Michaël van de Poppe <a data-ct-non-breakable="null" href="https://x.com/CryptoMichNL/status/1844355190373400997" rel="noopener noreferrer nofollow" target="null" text="null" title="null">told</a> X followers.
Markets broadly saw a higher chance of the Fed enacting a 0.25% interest rate cut at its November meeting, with the odds of this reaching 87%, per data from CME Group’s <a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="noopener noreferrer nofollow" target="null" text="null" title="null">FedWatch Tool</a>.
<figure><img alt="Bitcoin digests US 'nightmare' CPI, jobs data as $60K hangs in balance" src="https://s3.cointelegraph.com/uploads/2024-10/019276d2-2658-75fc-9be7-eea6f97afef8" title="">
 <figcaption style="text-align: center;">
 Fed target rate probabilities. Source: CME Group
 </figcaption>
</figure>
<h2 id="btc-price-selling-pressures-stack-up">BTC price “selling pressures” stack up</h2>
Considering other sensitive topics for crypto and risk assets, trading firm QCP Capital named both internal and external sources of volatility.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-capitulation-incoming-liquidity-btc-price-analyst" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin 'capitulation incoming' as liquidity risks sub-$50K BTC price</a>
The minutes of the Fed’s September meeting, it noted, were “less dovish” than expected, while concerns over BTC selling pressure thanks to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/supreme-court-wont-hear-silk-road-bitcoin-ownership-case" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Silk Road bitcoin movements</a> also formed a focus.
“While US equities indices rallied last night with the S&amp;P 500 notching a new high, the same level of optimism was not seen in crypto as selling pressures reignited, possibly due to news of more Silk Road BTC selling and PlusToken ETH selling,” it wrote in its latest bulletin in Telegram channel subscribers.
<blockquote>
 “We remain hopeful of an Uptober rally as long as the 60,000 key support level remains intact.”
</blockquote>
QCP thus joined those doubling down on a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/definition-leverage-driven-pump-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC price turnaround</a> before the monthly close, with October on average delivering 23% gains.
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.

Bitcoin digests US 'nightmare' CPI, jobs data as $60K hangs in balance

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