(Kitco News) - CPI day came and went with little reaction from the crypto market as Bitcoin (BTC) continues to trade sideways below $29,800 while the majority of altcoins in the top 200 traded within 3% of Wednesdayâs prices.
Stocks initially responded positively to the CPI report, which showed that while inflation slightly reaccelerated in July, coming in at 3.2% as compared to Juneâs reading of 3%, prices rose at their slowest pace since October 2021, which suggests that the Federal Reserveâs fight against inflation appears to be headed in the right direction.
But the post-CPI momentum faded as the trading day progressed, resulting in the major indices trading near even at midday, before ultimately finishing the session higher. At the closing bell, the S&P, Dow, and Nasdaq were up 0.03%, 0.15%, and 0.12%, respectively.
Data provided by TradingView shows that Bitcoinâs price continues to compress, trading within a range of $29,305 and $29,715 on Thursday, prompting many analysts to warn that a breakout is imminent, but the direction is yet to be determined.