Some analysts are linking BTC’s recent $43K dip to the new inflation data, but are these events really correlated?
That statement correctly assessed the market conditions at that time, but one should use a longer time frame when analyzing economic data. Furthermore, there’s the possibility that Bitcoin holds no relevant price correlation, a hypothesis that also needs testing.
Afterward, the Bitcoin price “cooled off,” failing to break the $60,000 support while the sharp increase in CPI paused two months later in July at 5.4%. No price relation was found between Bitcoin and other major assets such as the WTI oil price and the iShares TIPS Bond ETF, which tracks an index composed of inflation-protected U.S. Treasury bonds.
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