📉 #Santiment : On a 12-month basis, the US CPI report was anticipated to come in at 2.9%. Instead, the result of 3.1% came in today, which has caused market cap bleeding in both crypto and equities.

With $BTC falling back below $49K today after breaching $50K for the first time in over 2 years yesterday, crowd sentiment is likely to become quite polarized with this mild retrace. If there are significant panic sells, dipbuy justification becomes significantly more viable while sentiment turns negative.

Regardless, note that the previous three CPI report months all resulted in significant mid-term cryptocurrency market turnarounds. The next batch of Consumer Price Index data will be released to the public on March 12, 2024.