Bitcoin (BTC) Price: BTC Spikes Then Stalls - Here’s Why the CPI Report Sent Mixed Signals
TLDR
- Bitcoin jumped above $79,000 after US annual core CPI hit a 66-month low of 2.4%
- Monthly core CPI came in at 0.3%, above the 0.2% forecast, pushing Fed rate hike odds to 85%
- Bitcoin ETFs saw $13.29 million in net outflows on September 11, a fourth straight day of outflows
- Ethereum ETFs saw $216 million in net inflows, with BlackRock’s ETHA leading at $149 million
- A confirmed close above $80,000 could open targets at $82,000 and $84,000
Bitcoin climbed back above $79,000 on September 11 after US Consumer Price Index data came in broadly in line with expectations. The move followed a brief dip to $76,000 before buyers stepped back in.
The leading cryptocurrency traded at $79,387.86, up 2.89% over 24 hours. The broader crypto market gained 2.36%, pushing total market cap to $2.69 trillion.
Annual core CPI slowed to 2.4%, its lowest level in 66 months. That reading excludes food and energy and is seen as a cleaner measure of underlying inflation.
Crypto analyst Crypto Patel had flagged the data release ahead of time, noting on X that if core CPI came in below 0.2% month-on-month, Fed rate hike expectations could fall and push Bitcoin higher. The data came in at 0.3%, which complicated that picture.
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