Bitcoin Falls To $81K After Hotter-Than-Expected US Inflation Breaks BTC Below Tight Trading Range

The September consumer price index rose 3.7% year over year, up from 3.4% in August and above economists' expectation of 3.6%.

• Bitcoin fell to around $81,000 on Wednesday, breaking below its recent trading range after hotter-than-expected U.S. inflation data.
• Bloomberg Intelligence strategist Mike McGlone warned that Bitcoin's 50-week moving average had "rolled over akin to 2022”, despite rising stocks, bond yields, and metals.
• Bloomberg Intelligence ETF analyst Eric Balchunas said Bitcoin's appeal lies in being "somewhat that the government can't debase," while noting that Bitcoin and gold do not always move in line with the news.

Bitcoin (BTC) fell to about $81,700 on Wednesday, breaking out of the tight trading range it had been in for days after hotter-than-expected U.S. inflation data.

The consumer price index (CPI) rose 3.7% in September from a year ago, the Bureau of Labor Statistics said. That was higher than the 3.4% in August and above the 3.6% economists had forecast.

Core inflation, excluding food and energy, also beat expectations at 2.6%, up from the expected 2.5%. Most of the work on the headline number was done by Energy. Gasoline prices climbed 9.1%for the month and accounted for more than half of the overall increase, the BLS said. Shelter prices rose 0.4% month-on-month and 3.2% year-on-year.