Bitcoin bulls foiled again as price tumbles back to $86,000, giving up CPI gains and more
Bitcoin dropped from a high near $89,300 back to $86,000, erasing gains made after a softer-than-expected CPI report.Summary
Bitcoin experienced significant volatility, with bulls being foiled as the price tumbled from a session high of $89,300 down to $85,500, settling around $86,000. This reversal erased the early gains spurred by a much cooler-than-forecast November U.S. Consumer Price Index (CPI) report, which had suggested headline inflation fell to 2.7% and briefly fueled hopes for a January Federal Reserve rate cut.
However, skepticism quickly emerged regarding the CPI data, particularly concerning how the Bureau of Labor Statistics (BLS) handled rent and owner's equivalent rent (OER) figures for October, leading markets to maintain slim odds for a January cut.
In the crypto options market, Bitcoin sentiment suggests a range-bound outlook, with traders capping upside above $100,000 and maintaining support near $85,000, while Ether options show more hedging activity.
(Source：CoinDesk)