Bitcoin nears 11-week low after ‘discouraging’ US CPI inflation beat

Bitcoin (BTC) dipped toward its 11-week lows near $73,500 at Tuesday’s Wall Street open after US inflation came above expectations.

Key points:

• Bitcoin price action fell as low as $73,518 on the back of higher-than-expected US inflation data before returning above $74,000.
• October CPI inflation came in above expectations at 0.4% month-on-month despite a slowdown in energy price growth to 0.7% from 5.2% in September.
• Analysis saw the Nasdaq putting in long-term lows amid “extreme” sell-side pressure. 

Markets price in December rate hike after inflation data

Data from TradingView showed BTC/USD falling to $73,518, nearly matching the low it set on Sunday, its lowest level since Aug. 21. 

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

The October print of the Consumer Price Index (CPI) came in at 0.4% month-on-month, above the anticipated 0.3%. CPI, which lacked a year-on-year component due to the absence of data collection during the 2025 US government shutdown, nonetheless showed a cooling rate of growth versus September, when the monthly increase hit 0.6%.

“The index for shelter rose 0.3 percent in October, accounting for over thirty percent of the monthly all items increase. The food index increased 0.5 percent in October, as the food at home index rose 0.4 percent and the food away from home index increased 0.5 percent,” the official release from the Bureau of Labor Statistics (BLS) stated.