The US Consumer Price Index (CPI) revealed a 2.4% inflation rate, higher than the anticipated 2.3%. Despite this rise, Bitcoin's (BTC) price holds at the $60,000 mark, disappointingly remaining static in the market.
The slight 0.1% increase over expectations marks a decrease from August's 2.5%. On a yearly scale, core inflation exceeded estimates at 3.3%, impacting expectations for Bitcoin's market movement.
This CPI data, a critical inflation indicator, highlights price changes consumers experience. Last month, Bitcoin's lack of response to similar reports foreshadowed the current scenario, with its price trapped between $56,000 and $57,000 previously.
The higher inflation complicates the anticipated November 50 basis point interest rate cut, potentially pushing such changes to 2025. Consequently, achieving new price highs for Bitcoin remains challenging.
Technically, Bitcoin trades within a descending channel at approximately $60,962, indicating weak momentum. Potentially, the price could fall to $57,398 if market pressure persists, though a rebound could propel it past $65,858.
