The Bitcoin (BTC) price witnessed a slight pullback on Tuesday, after the U.S. Bureau of Labor Statistics announced the consumer price index (CPI) inflation data for January. At 3.1% the CPI stood higher than the Street expectations of 2.9%. This led to a sharp correction on Wall Street with the S&P 500 Index dropping by 1.4%. This was the worst CPI-day performance by the S&P 500 after September 2022.
Bitcoin (BTC) Price Holds Firm
Bitcoin demonstrated notable resilience amidst turbulent global markets triggered by a robust US inflation report. This has further dampened the expectations of swift interest rate adjustments. Despite the global market upheaval, Bitcoin exhibited impressive stability.
Tony Sycamore, a market analyst at IG Australia Pty, said: Bitcoin showed “impressive resilience despite the overnight deterioration in risk sentiment”. However, he added that Bitcoin holds the possibility of correcting 10% from here and taking a dip under $40,000.
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