The September CPI report revealed a 0.2% lower inflation rate compared to August’s 0.6%, according to TradingEconomics’ US Inflation Rate Month on Month data. Following this report, Bitcoin’s price experienced a significant rise of 12% from $25,100 on September 12 to $28,050 by the end of the month, as indicated by TradingView data.
In light of these trends and considering August’s 0.4% inflation increase, market observers anticipate that Bitcoin could soon retest the $30,000 level. This prediction persists despite the cryptocurrency having hit its lowest point in the second half of 2023 and amidst escalating tensions in the Middle East, as reported by Smart Investing news.
The relationship between Bitcoin’s price and inflation data highlights the cryptocurrency’s potential as a hedge against inflation. The recent bounce-back in Bitcoin’s price demonstrates its resilience in fluctuating market conditions and amid geopolitical uncertainties.
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Source: Cryptocurrency - investing.com
