Bitcoin nears 11-week low after ‘discouraging’ US CPI inflation beat

Bitcoin (BTC) dipped toward its 11-week lows near $73,500 at Tuesday’s Wall Street open after US inflation came above expectations.

Bitcoin price action fell as low as $73,518 on the back of higher-than-expected US inflation data before returning above $74,000.

October CPI inflation came in above expectations at 0.4% month-on-month despite a slowdown in energy price growth to 0.7% from 5.2% in September.

Analysis saw the Nasdaq putting in long-term lows amid “extreme” sell-side pressure.

Markets price in December rate hike after inflation data

Data from TradingView showed BTC/USD falling to $73,518, nearly matching the low it set on Sunday, its lowest level since Aug. 21.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView