Bitcoin Falls as Hot Inflation Puts a Fed Hike Back on the Table
Summary
Bitcoin fell 1.5% to about $82,142 after September U.S. inflation exceeded forecasts, with Ethereum and other major tokens also declining. Headline CPI rose 3.7% year over year, while core inflation reached 2.6%; higher oil and gasoline costs drove much of the increase. Traders raised the odds of another Federal Reserve rate hike, pushing Treasury yields higher and pressuring risk assets. More than $281 million in crypto derivatives positions were liquidated in 24 hours, mostly Bitcoin longs. Bitcoin’s technical indicators weakened, with support near $81,603 and $80,365, while resistance levels begin at $84,245. Thursday’s producer-price data is the next near-term test.
