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Bitcoin (BTC) saw weakness around Wednesday’s Wall Street open as markets reacted to key US inflation data.
Key points:
- Bitcoin ignores good news around US inflation figures as it dips below $63,500.
- Fed rate-hike odds cool further as attention now switches to Thursday’s PPI numbers.
- Bitcoin is eroding $63,000 support, the latest market analysis warns.
Bitcoin falls despite US inflation data matching expectations
Data from TradingView showed BTC/USD dropping below $63,500, erasing the day’s gains.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US stocks were calm after the July print of the US Consumer Price Index (CPI) matched expectations, at 0.1% month-on-month and 3.4% year-on-year.
“The index for shelter rose 0.1 percent in July, accounting for roughly two-thirds of the monthly all items increase. The index for food also increased 0.1 percent over the month, as the index for food away from home increased 0.3 percent….
