Bitcoin Drops Below $36,500 As Investors Await October CPI Data

Rupam Roy
November 14, 2023 Updated May 26, 2025
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How Will July Inflation Data Affect Bitcoin Price?

The Bitcoin price experienced a downturn on Tuesday, November 14, erasing some of its recent gains ahead of the crucial inflation data that is scheduled to be released later today. According to experts, the release of the U.S. Consumer Price Index (CPI) data for October is crucial and can impact the momentum of the broader market, let alone Bitcoin’s performance.

In addition, the Securities and Exchange Commission’s (SEC) decision on a dozen spot Bitcoin Exchange-Traded Fund (ETF) applications, expected between November 9 and November 17, is also one of the crucial factors. The decision might work as a positive catalyst for Bitcoin in the coming days, as it could inject billions of dollars into the BTC market.

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Bitcoin Loses Momentum Ahead Of CPI Data

Tuesday witnessed Bitcoin’s price sliding below $36,500, indicating investor caution ahead of crucial economic data releases. The U.S. Federal Reserve’s scheduled release of Consumer Price Index (CPI) data and Producer Price Index (PPI) data this week is a focal point. Notably, the market anticipates insights into the nation’s economic health, with particular concern about inflation’s impact on recent market momentum.

Analysts emphasize Bitcoin’s sensitivity to economic indicators, notably the CPI. Past reports have shown Bitcoin’s reaction to economic fluctuations when a 3.7% annual increase in September caused a slight drop, highlighting the cryptocurrency’s volatility.

Meanwhile, the upcoming CPI report, a crucial factor for Bitcoin’s price, is expected to show a slowdown in October’s headline CPI, dropping to 3.3% year-over-year. In addition, economists anticipate the core CPI to remain stable, reflecting a 0.3% monthly and a 4.1% year-over-year increase. Meanwhile, the current CPI, according to the estimates, still surpasses the US Federal Reserve’s 2% target, indicating a complex economic landscape that may have a substantial impact on Bitcoin.

Meanwhile, if the October inflation comes hotter than anticipated, it would give more space to the central bank to continue with its rate hike plans. Notably, higher interest rates tend to negatively impact the broader financial market along with risk-bet assets like cryptocurrencies.

Also Read: SOL Poses Remarkable Performance Despite FTX Asset Liquidation

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Recent Price & Performance

The Bitcoin price declined 1.47% over the past 24 hours and traded at $36,454.47 during writing, with its trading volume soaring 40.57% to $18.92 billion. However, the crypto has added nearly 6% over the past seven days and around 36% over the last 30 days.

Meanwhile, the decline in the largest crypto by market cap reflects the gloomy sentiment in the broader market as well. The global crypto market cap fell 1.47% to $1.4 trillion during writing, and its trading volume soared 26.21% to $61.37 billion.

Notably, higher interest rates resulting from CPI data impact investor sentiment towards riskier assets, including cryptocurrencies. The impending CPI report, coupled with the potential approval of a Spot Bitcoin ETF, adds layers of complexity to Bitcoin’s trajectory. Investors keenly observe these developments, recognizing the dynamic and speculative nature of cryptocurrency markets.

Also Read: Ethereum Network Fees Hit 4-Month With ETH Price Under Pressure, What’s Next?

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.