Bitcoin Holds At $114,000 As CPI Data Prints 'Nothingburger'—What Now?
Bitcoin is currently priced at $114,000 following the release of inflation data, which has led to discussions about its future trajectory. Trader Astronomer believes BTC has reached its cycle low at $110,000, suggesting a trend reversal is underway. Despite some analysts predicting a downturn in September, he remains optimistic. The CPI data met expectations, but higher jobless claims may influence the Fed to consider rate cuts, potentially impacting digital asset prices.
Bitcoin BTC/USD is holding around $114,000 after the latest inflation data release, sparking debate over whether more upside is ahead.
What Happened: In his latest X post, trader Astronomer reiterated confidence that BTC set its cycle low at $110,000 in late August, citing confluences including the historic pattern of FOMC-driven reversals.
He noted that Bitcoin often changes trend either on the day of an FOMC meeting or up to six sessions beforehand.
With the next meeting on Sep. 18 and BTC rebounding from its $123,000–$110,000 decline, he says the trend has already turned higher.
While many influencers still call for a "red September," Astronomer says this divergence from consensus strengthens his conviction that the bottom is in.
Also Read: Bitcoin At $114,000 Ahead Of Inflation Data: Here’s How High It Could Go
What's Next: Prominent analyst Kevin highlighted that the CPI data came in line with expectations, rising from 2.7% last month to 2.9%.
However, the key surprise was jobless claims at 263,000, nearly 30,000 above estimates, which pushed the 2-year yield lower.
He noted that while the inflation data alone likely changes little, the weaker labour data could increase the Fed's inclination to cut rates by 50 basis points at the upcoming meeting.
This will be an important turning factor for digital asset prices and overall market trajectory.
- Bitcoin Ethereum, XRP, Dogecoin Maintain Uptrend Ahead Of Consumer Price Inflation Data
Image: Shutterstock
