The U.S. Bureau of Labor Statistics recently announced that the Consumer Price Index (CPI) fell sharply in September, with the inflation rate falling to 2.4%, slightly higher than the expected 2.3%. The decline in the inflation rate marks a positive change in the financial sector, indicating that inflation has finally eased. Influenced by this news, the price of Bitcoin fell below $61,000.

“CPI drops to 2.3%: Inflation cools down”
The CPI inflation rate fell by 0.1% to 2.4% in September, compared to an earlier forecast of a 0.2% decline. Although the current CPI report is lower than 2.5% in August and 2.9% in July, the inflation rate has continued to decline over the past year, marking the sixth consecutive month of declining inflation rates, indicating a steady cooling of the inflation trend.

Meanwhile, experts believe that this continued downward trend could lead to a cut in interest rates in October, which would be a boon for consumers and investors.

Learn about core CPI insights
The core CPI, which excludes volatile goods such as food and energy, rose slightly to 3.3%, unchanged from expectations at 3.2%. At the same time, both the overall CPI and the core CPI indicate that efforts to control inflation are beginning to bear fruit.

If this trend continues, the economic outlook will be more stable and offer hope for continued improvement.

Bitcoin price falls
Affected by the release of CPI data, the price of Bitcoin fell slightly by 1.72% to $60,940, and the market value fell to $1.20 trillion. The cryptocurrency seems to be losing momentum, and many analysts believe that it may hit the $60,000 resistance level before starting a bull run.

However, the current price action suggests that investors are optimistic and are choosing to hold positions rather than take profits. If inflation continues to ease, Bitcoin and other cryptocurrencies could soon experience a stronger uptrend.

The article is for reference only and does not constitute investment advice.