Bitcoin hits 2-week low on US inflation data — When will BTC price bounce?
BTC price downside follows renewed inflation fears amid a prediction that Bitcoin might only reverse upward in December. Bitcoin (BTC) hit new October lows after the Oct. 11 Wall Street open as one analyst hailed the “final stage” of the cryptocurrency bear market. BTC/USD 12-hour chart. Source: TradingView Bitcoin traders stress importance of $26,800 Data from Cointelegraph Markets Pro and TradingView showed further BTC price weakness emerging, costing bulls $27,000 support. At the time of writing, the largest cryptocurrency was headed toward $26,600 as downside gained momentum. The move followed United States inflation data in the form of the Producer Price Index (PPI), the September print for which came in above expectations — 2.2% versus 1.6% year-on-year (YoY). This added to concerns about lingering U.S. inflation pressures, with dollar strength up and risk assets down. Producer Price Index (PPI) chart. Source: U.S. Bureau of Labor Statistics “PPI coming in hotter than expecte...