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Bitcoin Recovers After CPI Data, Market Awaits FOMC

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Bitcoin,CPI,FOMC

Bitcoin bounced back after slower-than-expected August inflation data. While the US CPI rose 0.2%, meeting analysts' expectations, the core CPI was hotter than forecast at 0.3%. This initially caused Bitcoin's price to dip but it quickly recovered, trading around $58k at press time. Experts predict volatility ahead of next week's FOMC meeting.

bounced back on Thursday after slower August inflation data. The US CPI hiked 0.2% last month and met analysts’ expectations.

“I think we can use the dips to scale slowly. There may be some volatility before or after the FOMC, but volume should drive a sustained move up in October.”

 

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