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Bitcoin remains in the same range as CPI data shows slowing rates

The CPI reading came below market expectations of 3.3%.

Bitcoin has remained stuck in $29,000 to $30,000 zone. The king cryptocurrency was unmoved by the latest Consumer Price Index (CPI) report from the US Bureau of Labour Statistics (BLS).

Bitcoin unmoved CPI data

July’s CPI data release seemed to have left Bitcoin unmoved. The inflation data shows that prices rose 0.2% month-on-month in July, which was expected.

Core CPI, which doesn’t include food and energy prices, stood at 4.7%. Headline CPI fell below 3%.

Source: TradingView

The current inflation status makes it possible for the market to expect the Feds to remain hawkish. CME FedWatchTool now says that there’s a 90% chance that the Federal Reserve holds rates steady at the coming Federal Open Market Committee (FOMC) meeting in September.

Bitcoin price seemed unbothered by this inflation data. The benchmark crypto saw an intra-day fall 0.56%, with the price at $29,369 at press time.

Analysts expects that Bitcoin may rise to $35k levels, but volatility is expected.

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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