Bitcoin falls back under $30K while 8.3% US CPI shows signs inflation has peaked

Bitcoin falls back under $30K while 8.3% US CPI shows signs inflation has peaked


Bitcoin (BTC) dropped by $1,500 in minutes on May 11 as the latest United States inflation data delivered mixed sentiment on the economic outlook.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin puts in fresh 10-month lows

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD diving from $31,500 to abruptly pierce $30,000 support as the Consumer Price Index (CPI) figures went live.

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At 8.3%, CPI outpaced estimates by 0.2% but still fell 0.2% compared to last month’s readout. Reactions naturally began to focus on the idea that peak inflation may have passed.

“This is higher than the expectation, but it shows the first decrease in two years, as last month we’ve seen 8.5% inflation. Flattening and potentially the inflation has peaked,” Cointelegraph contributor Michaël van de Poppe wrote in part

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