When Is Best Time To Enter Bitcoin (BTC) Position After Inflation Data
Taking into consideration risk associated with asset price movements after macro decisions, Bitcoin reaction to inflation data is highly anticipated. Bitcoin (BTC) dropped significantly following the inflation data release on Thursday. The U.S. annual inflation in September is higher than expected, due to which stock futures fell. In this context, crypto influencers believe it would not be wise to take a position immediately after the data release.
Bitcoin Reaction To Inflation Data
The U.S. reported an annual inflation of 8.2% in September. Inflation rose 0.4% in September, which is more than expected, as per the latest U.S. Bureau of Labor Statistics consumer price index (CPI) data. The data points to an important measurement of the country’s inflation levels. Based on the CPI data, the U.S. Fed makes monetary policy decisions. Meanwhile, BTC fell sharply due to the higher than expected inflation figures. On an hourly basis, the top cryptocurrency is down 1.59%.
As of writing, BTC price stands at $18,401, down 3.30% in the last 24 hours, according to price tracking platform CoinMarketCap. Not just Bitcoin, but also other cryptocurrencies are trading in the red following the CPI data release. The drop makes it even worse for the weekly numbers for Bitcoin, which now stand at a drop of around 9%. This adverse reaction could be yet another disappointing sign for BTC investors who are awaiting a bull run.
Meanwhile, crypto influencers believe it is best to wait for a day before taking a position in Bitcoin in the wake of the inflation data release. Crypto Rover, an influencer, said it is safe to play the wait and watch game. He emphasized that it could be a risky bet to invest in the current scenario, especially with the important macro data release the CPI. Also, Alex Kruger, a crypto trader, feels the weekend could see a huge Bitcoin price drop. He said that the asset could see a new low in the current calendar year. So far this year, the BTC low has been around $18,200.
“High odds BTC will see new year to date lows over the weekend, I would not be a buyer.”
Best Time To Buy Bitcoin
Going by this logic, BTC could possibly go below the $18,000 mark. This could be an important stage for the market as a new low could mean extremely negative market sentiment. In this context, traders could weigh their options on the best time to buy Bitcoin. Perhaps big investors would grab the chance to buy BTC anywhere around $17,500 for short term purpose.
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
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.
