Bitcoin · Federal Reserve (FED) · Ethereum · U.S. Treasury · The Block
Analysts broadly agreed that persistent underlying inflation could keep interest rates elevated for longer
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"The consensus for many is that a substantial movement in cryptocurrency pricing would require some money printing macro headlines to move the needle," said Paul Howard, senior director at Wincent.
Key facts
- Much of the downside appears to have been priced in last week, when BTC lost $85k and retested the $81k–$82k support zone," said Matt Mena, senior crypto research strategist at 21Shares
- Bitcoin (BTC) fell below $82,000, down about 2%, while Ethereum, XRP and Solana each dropped nearly 3% at publication time
- Howard expects bitcoin to remain in the $80,000–$88,000 range in the near term, while warning that a break below $80,000 could open the door to $75,000
- A hotter core at 0.3% puts an October hike back on the table after a soft jobs report," said Thomas Wu, CFO of bitcoin-backed lender Ledn
Summary
Bitcoin came under selling pressure Wednesday after September's inflation report showed core consumer prices rising more than expected, renewing concerns about the Federal Reserve's interest rate outlook. Bitcoin (BTC) fell below $82,000, down about 2%, while Ethereum, XRP and Solana each dropped nearly 3% at publication time. Analysts broadly agreed that persistent underlying inflation could keep interest rates elevated for longer, putting pressure on bitcoin and other risk assets through higher Treasury yields and a stronger U.S. dollar. Analysts differed on how far prices could fall.