Bitcoin (BTC) saw classic volatility ahead of Tuesday’s Wall Street open as a key US inflation gauge hit its highest levels in three years.
Key points:
US CPI inflation reaches its highest year-on-year levels since 2023.Energy prices fuel the rise, with the US-Iran war continuing to make its presence felt.Bitcoin traders retain support levels while a 200-day trend line comes in as resistance.Bitcoin price on edge as CPI beats multiyear records
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Data from TradingView showed BTC price action circling $81,000 as risk assets saw fresh headwinds.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
These came in the form of the April US Consumer Price Index (CPI), which at 3.8% year-on-year put inflation at its highest since 2023.
“The index for energy rose 3.8 percent in April, accounting for over forty percent of the monthly all items increase,” an official news release from the US Bureau of Labor Statistics (BLS) noted.
The 12-month increase in energy was almost 18%, continuing
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