United States Consumer Price Index (CPI) data was released by the US Bureau of Labor Statistics (BLS). While the market was expecting an increase in i
US headline Consumer Price Index rose by 3.7% on a yearly basis in August, exceeding expectations.Bitcoin price hovers above $26,000, with most of the crypto market noting a minor decline.Consumer Price Index data was released by the US Bureau of Labor Statistics . While the market was expecting an increase in inflation on a yearly basis, it was taken by surprise as the actual CPI rate exceeded the forecasts.
The headline inflation measured by the CPI came in at 3.7% against the predicted 3.6% year-on-year, rising from July’s 3.2% rate. Core CPI annual inflation – which excludes food and energy prices – took a downturn to 4.3%, in line with forecasts, against 4.7% in July. The larger-than-expected rebound in prices leaves room for a hawkish message from the Federal Reserve,
to FXStreet analyst Matias Salord. This could potentially impact the decision-making of the Federal Open Market Committee meeting scheduled next week. Higher interest rates could be on the cards, although hikes might not take place soon.Bitcoin price, at the time of writing, continued to hover above $26,000. The initial reaction was expected to be bearish since higher inflation usually translates to lower demand for riskier assets.
Going forward, if the skepticism of the market rises, Bitcoin price is expected to take a downturn, potentially falling below $24,578 and even declining to $21,468. However, if the market surprises and continues its streak of green candlesticks to breach $26,430, BTC could initiate a recovery rally and invalidate the bearish thesis.
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