Hold onto your hats, crypto enthusiasts! 🎩 Bitcoin (BTC) took a wild ride, plunging below the $95,000 mark on Feb 12, just as Wall Street opened up! All this, thanks to some unexpected US inflation data that left everyone’s jaws on the floor.
📉 Bitcoin Joins the Risky Business Sell-Off Extravaganza
CryptoMoon Markets Pro and TradingView both reported new local lows of $94,091 on Bitstamp. What’s going on here? Let’s dig into the nitty-gritty…
The Consumer Price Index (CPI) for January decided to surprise everyone by being higher than anticipated. The US Bureau of Labor Statistics (BLS) confirmed that CPI rose by 0.5% last month, which is 0.2% more than anyone expected. And the year-on-year increase? That’s 3% instead of the predicted 2.9%. Yikes!
The Kobeissi Letter had some thoughts on the situation: “Headline CPI inflation is up for 4 straight months, and Core CPI is officially back on the rise again. Inflation in the US is HOT!” Just a tad, maybe? 🌶️
“This officially marks the highest CPI inflation reading since June 2024. Even more concerningly, headline CPI inflation rose by +0.5% MoM, a massive jump. Rate cuts will be delayed even further.”
🎲 Fed’s Rate Cut Bets Plummet Faster Than Bitcoin
The latest estimates from CME Group’s FedWatch Tool show that bets on the Federal Reserve cutting interest rates at its next meeting in March dropped like a rock to just 2.5%. Traders also lowered the likelihood of cuts in the first half of 2025, favoring October as the next date for policy easing. What’s next? 🔮
“From there, the market does not see another rate case until DECEMBER 2026,” says Kobeissi. “The market effectively sees higher rates for years to come amid the recent data shifts.”
🕶️ Bitcoin Price at a “Critical Juncture” – Buckle Up!
Bitcoin’s trying to bounce back as Wall Street returns, but it’s still wrestling in the mid-$90,000 zone. Traders are weighing in on buyer interest, and it’s quite the rollercoaster…
“Interesting day ahead post higher than expected inflation,” says popular trader Skew. “Stacked bids were filled in this sell-off, so we might see an attempt to force a bounce later in the day.”
So, there you have it! Will Bitcoin recover, or is this the beginning of a
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2025-02-12 18:35