The post Bitcoin (BTC) sinks under $59K as inflation records unexpected increase appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) continued its current correction with a dip below $59,000 on Thursday. The alpha cryptocurrency may have been affected by the news out of the Consumer Price Index Report that inflation had increased 0.2% in September, which was a more than expected rise.   Inflation increase and SEC action weigh on $BTC The possible reemergence of inflation might become a worry once again for the U.S. Federal Reserve. With Thursday’s publication of the inflation figures for September, it was found that CPI had risen 0.2%, while core CPI had increased to 0.3%. While this news may have contributed to the sharp 3.6% dip for the price of Bitcoin, it also didn’t help when it emerged that the Securities and Exchange Commission (SEC) is going to sue prominent market maker Cumberland DRW, for allegedly trading crypto securities. The response from Cumberland DRW on its X account was a firm counter to the SEC’s accusations: Source: @CumberlandSays $BTC price begins a recovery Source: TradingView Despite what could be construed as negative news, the $BTC price did recover strongly after the dip below $59,000. Currently more than 3% up from this point, it can be seen in the short term chart above that $BTC was able to hold above $59,680, and has also risen above the psychological $60,000 horizontal level. The triangle the price is now within could be about to break to the upside. This break, should it be successful, along with the positive upward indication from the Stochastic RSI, could allow the price to continue upwards. First target for bulls would be a higher high at $64,550, and then the next higher high at $66,500. Nevertheless, in order to really start turning things around, Bitcoin bulls will need to push the price back above the previous swing high at $70,000. …

---

Filed under: News - @ October 11, 2024 11:04 pm