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Data from TradingView shows that Bitcoin price began trending down in the early trading hours on Thursday, and once support at $19,000 was lost, it rapidly fell to a daily low of $18,220 before bullish reinforcements arrived to bid it back above $18,900.Bitcoin now finds itself trading at a four-week low, as noted by Kitco senior technical analyst Jim Wyckoff, who suggested that “It appears the keener risk aversion in the marketplace today is prompting selling pressure on Bitcoin.
Taking a glass-half-full approach, today’s print is the third consecutive monthly decline in U.S. inflation following a 40-year record high reading of 9.1% in June 2022. It remains to be seen if the long-term effects of the previous and planned rate hikes can meaningfully lower the CPI in the months ahead.