July's CPI Could Provide Relief to Bitcoin — Market Talk

Bitcoin could rise further after the July U.S. inflation data reduced market pricing for a September interest rate rise by the Fed, 21shares strategist Matt Mena says in a note. The data showed inflation eased to 3.4% last month, as expected. Money markets price a 40% chance of a 25 basis points rate rise in September, compared to 48% before the data. This could be the relief bitcoin needs to rise sustainably above $64,000 and push towards the $66,000 resistance level, Mena says. Historically, bitcoin has returned an average rise of 3.7% following an in-line inflation print over the past three years, he says. Bitcoin is down 0.4% to $63,448. ([email protected])