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Bitcoin Slips Below $82,000 on Hot Inflation Data

Core prices rose more than expected. Crypto fell, and one analyst says an October hike is back on the table.

Founder and Editor
2 min read
A bitcoin coin illustration
Image: The Block

[ The short version ]

  1. 01Bitcoin fell about 2% to below $82,000 after September's core inflation came in hotter than expected.
  2. 02ETH, XRP and SOL each fell nearly 3%.
  3. 03Analysts disagree on whether the Fed hikes in October. One range to watch: $80,000 to $88,000.

Bitcoin dropped below $82,000 on 14 October after a September inflation report showed core consumer prices rising more than expected, The Block reports. It was down about 2% at publication.

$82K
Bitcoin's support zone, retested after losing $85,000 last weekETH, XRP and SOL each fell nearly 3%

Why inflation moves crypto

A hotter reading makes it more likely the Federal Reserve raises rates, or holds them high for longer. That tends to pull money out of assets with no yield, including bitcoin. Ledn's finance chief, Thomas Wu, told The Block that a hotter core reading puts an October hike back on the table after a soft jobs report.

What analysts are watching

  • Wincent's Paul Howard expects bitcoin to stay in a range of $80,000 to $88,000, and says a break below $80,000 could open the door to $75,000.
  • 21Shares' Matt Mena says bitcoin could move above $85,000 toward $90,000, and notes the strongest quarter of ETF inflows this year for ETH and SOL.
  • CoinDesk reported the next day that bitcoin briefly fell below $80,000 for the first time in a month before bouncing back to about $82,000.
Sources and notes
  • #Bitcoin
  • #Inflation
  • #Fed
  • #Crypto

[ Written by ]

Founder and Editor

Victor Oluwaleye founded TheStak to explain what tech, AI and marketing actually change for the people running businesses, in Africa and beyond. A computer scientist by training and a marketer by trade, Victor has spent more than a decade leading marketing teams and building digital systems inside organisations, and runs Induuce Consultants, a growth and digital transformation agency in Lagos. More about Victor

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