{"id":492820,"date":"2022-06-11T10:20:17","date_gmt":"2022-06-11T10:20:17","guid":{"rendered":"https:\/\/wncen.com\/?p=492820"},"modified":"2022-06-11T08:54:21","modified_gmt":"2022-06-11T08:54:21","slug":"bitcoin-slides-on-cpi-inflation-report","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-slides-on-cpi-inflation-report\/","title":{"rendered":"Bitcoin Slides As CPI Report Hints At Soaring Inflation – More Bearish Pressure Ahead?"},"content":{"rendered":"

As traders buckle down for the weekend, Bitcoin prices ushered in Friday’s session rather sluggishly.<\/p>\n

During European trading hours, Bitcoin stayed slightly around $30,000, displaying signs of weakening ahead of the\u00a0U.S. consumer price index (CPI) release.<\/p>\n

The price of Bitcoin decreased on Friday after U.S. CPI data revealed that inflation was not abating.<\/p>\n

Suggested Reading | Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800<\/a><\/em><\/strong><\/p>\n

Bitcoin Drops 1.6% Minutes After CPI Report<\/h2>\n

In contrast to forecasts, the U.S. CPI increased last month, as indicated by the data. BTC fell by 1.6% in the minutes following the release.<\/p>\n

BTC prices continue to trade below this week’s resistance level of $30,500 and have inched closer to the $29,500 support level.<\/p>\n

BTC traders have experienced a consolidation between $32,000 and $28,650 after the selloff in May pushed the BTC\/USDT pair to a low of $26,350. As a result, the BTC price has oscillated within a range for about a month, signaling market participants’ uncertainty.<\/p>\n

CPI Climbs 8.6% YOY Last Month<\/h2>\n

According to the U.S. Department of Labor, the CPI, the most commonly followed measure of inflation, rose 8.6 percent year over year in May, up from 8.3 percent in April. The market anticipated a reading of 8 percent.<\/p>\n

\"\"<\/p>\n

Source: New York Post<\/pre>\n
U.S. inflationary pressures have driven the Federal Reserve to boost interest rates more rapidly, suggesting additional losses for riskier assets.<\/p>\n
In spite of negative macroeconomic market sentiment and systemic threats in the broader cryptocurrency market, Bitcoin has traded inside a narrow band of $28,000 to $31,000 over the previous 30 days.<\/p>\n
In addition to rising interest rates, inflation, and the economic uncertainty that has plagued the entire financial system as a result of Russia’s unprovoked invasion of Ukraine, rising interest rates and inflation are also among the primary factors that have contributed to the negative market sentiment.<\/p>\n
<\/p>\n
BTC total market cap at $556 billion on the weekend chart | Source: TradingView.com<\/a><\/pre>\n
BTC Sheds Nearly 65% From ATH<\/h3>\n
The world’s most sought-after crypto\u00a0is down almost 65 percent from its all-time high, which was reached in the fourth quarter of 2017.<\/p>\n
Despite recent losses, Bitcoin values are about 1 percent higher than they were a week ago, when they were trading for less than $29,000.<\/p>\n
Meanwhile, Saturday’s Coingecko graphic depicts BTC trading at $29,271.63, down 1.5 percent in the last seven days.<\/p>\n
Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month \u2013 Will Bearish Pressure Continue The Pulldown?<\/a><\/em><\/strong><\/p>\n
Featured image from Currency.com, chart from TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
As traders buckle down for the weekend, Bitcoin prices ushered in Friday’s session rather sluggishly. During European trading hours, Bitcoin stayed slightly around $30,000, displaying signs of weakening ahead of the\u00a0U.S. consumer price index (CPI) release. The price of Bitcoin decreased on Friday after U.S. CPI data revealed that inflation was not abating. Suggested Reading | Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800 Bitcoin Drops 1.6% Minutes After CPI Report In contrast to forecasts, the U.S. CPI increased last month, as indicated by the data. BTC fell by 1.6% in the minutes following the release. BTC prices continue to trade below this week’s resistance level of $30,500 and have inched closer to the $29,500 support level. BTC traders have experienced a consolidation between $32,000 and $28,650 after the selloff in May pushed the BTC\/USDT pair to a low of $26,350. As a result, the BTC price has oscillated within a range for about a month, signaling market participants’ uncertainty. CPI Climbs 8.6% YOY Last Month According to the U.S. Department of Labor, the CPI, the most commonly followed measure of inflation, rose 8.6 percent year over year in May, up from 8.3 percent in April. The market anticipated a reading of 8 percent. Source: New York Post U.S. inflationary pressures have driven the Federal Reserve to boost interest rates more rapidly, suggesting additional losses for riskier assets. In spite of negative macroeconomic market sentiment and systemic threats in the broader cryptocurrency market, Bitcoin has traded inside a narrow band of $28,000 to $31,000 over the previous 30 days. In addition to rising interest rates, inflation, and the economic uncertainty that has plagued the entire financial system as a result of Russia’s unprovoked invasion of Ukraine, rising interest rates and inflation are also among the primary factors that have contributed to the negative market sentiment. BTC total market cap at $556 billion on the weekend chart | Source: TradingView.com BTC Sheds Nearly 65% From ATH The world’s most sought-after crypto\u00a0is down almost 65 percent from its all-time high, which was reached in the fourth quarter of 2017. Despite recent losses, Bitcoin values are about 1 percent higher than they were a week ago, when they were trading for less than $29,000. Meanwhile, Saturday’s Coingecko graphic depicts BTC trading at $29,271.63, down 1.5 percent in the last seven days. Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month \u2013 Will Bearish Pressure Continue The Pulldown? Featured image from Currency.com, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":492825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1119,6664],"class_list":["post-492820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nBitcoin Slides As CPI Report Hints At Soaring Inflation - More Bearish Pressure Ahead?<\/title>\n<meta name=\"description\" content=\"As traders buckle down for the weekend, Bitcoin prices ushered in Friday's session rather sluggishly. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Slides As CPI Report Hints At Soaring Inflation – More Bearish Pressure Ahead?","url":"http:\/\/wncen.com\/news\/bitcoin-slides-on-cpi-inflation-report\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-slides-on-cpi-inflation-report\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-3.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-3.jpg?fit=834%2C556"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","crypto"],"dateCreated":"2022-06-11T10:20:17Z","datePublished":"2022-06-11T10:20:17Z","dateModified":"2022-06-11T10:20:17Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Slides As CPI Report Hints At Soaring Inflation – More Bearish Pressure Ahead?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-slides-on-cpi-inflation-report\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-slides-on-cpi-inflation-report\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Bitcoin-3.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Bitcoin-3.jpg?fit=834%2C556\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"crypto\"],\"dateCreated\":\"2022-06-11T10:20:17Z\",\"datePublished\":\"2022-06-11T10:20:17Z\",\"dateModified\":\"2022-06-11T10:20:17Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-3.jpg?fit=834%2C556","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/492820"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=492820"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/492820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/492825"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=492820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=492820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=492820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}