Bitcoin (BTC) fell further after the Sept. 13 Wall Street open as the dust settled on unexpectedly high United States inflation.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price eyes 9% daily losses
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Bearish tendencies set in after the U.S. Consumer Price Index (CPI) print for August arrived 0.2% higher than expected.
This, in turn, boosted the likelihood of a 75 or 100-basis-point key rate hike next week by the Federal Reserve — something that would pressure already creaking risk-asset markets.
Fed target rate probabilities chart as of Sep. 13, 2022. Source: CME Group
Bitcoin proved especially sensitive to the event, with downside nonetheless contained by anticipated support at $20,800.
BTC/USD also managed to