$BTC Why Did Bitcoin Fall?

Hours earlier, the Bitcoin price had surpassed $73,000 but then fell back below $70,000 and has not yet reclaimed its peak. The drop in Bitcoin’s price also triggered losses in altcoins. The inflation data released by the U.S. Bureau of Labor Statistics (BLS) was what sparked the market downturn.

Inflation for February came in at 0.4%, higher than expected, supporting the narrative of Federal Reserve members that “there may be less easing this year than expected.” Although January’s data was not much heeded, this figure confirms the persistence of inflation and could be a main topic at the meeting at the end of the month.

The annual rate is at 3.1%, and compared to January’s forecast of 3.1%, it has risen to 3.2%. According to the BLS’s official statement, rising housing and gasoline costs contributed more than 60% to the Consumer Price Index (CPI).