CPI is out: 0.4%, hotter than the expected 0.3%.
I wrote this morning that anything above 0.3% would be hot, and would make a December rate hike all but certain. And then it came in at 0.4%. BTC is now at $73,985 (the price shown on Binance), down from 75,031 this morning. The Fear & Greed Index is down to 27, and the community is gripped by fear.
On one side are the people betting on cooler data: they went all in ahead of tonight, waiting for a rebound. I imagine they're staring blankly at their screens now. On the other side are those waiting for the other shoe to drop: they said to stay light from the start, and now that the hot data is out, at least there's no need to guess.
I'm with the latter: the data is hot, that's a fact. BTC hasn't managed to get above 75,500, and 73,750 is looking close. Don't rush to buy the dip tonight—let's see how heavy that December shoe turns out to be.
What about you: with CPI this hot, do you think “the bad news is out, so it's time for a rebound,” or “stay out of the way and wait until December”?
I wrote this morning that anything above 0.3% would be hot, and would make a December rate hike all but certain. And then it came in at 0.4%. BTC is now at $73,985 (the price shown on Binance), down from 75,031 this morning. The Fear & Greed Index is down to 27, and the community is gripped by fear.
On one side are the people betting on cooler data: they went all in ahead of tonight, waiting for a rebound. I imagine they're staring blankly at their screens now. On the other side are those waiting for the other shoe to drop: they said to stay light from the start, and now that the hot data is out, at least there's no need to guess.
I'm with the latter: the data is hot, that's a fact. BTC hasn't managed to get above 75,500, and 73,750 is looking close. Don't rush to buy the dip tonight—let's see how heavy that December shoe turns out to be.
What about you: with CPI this hot, do you think “the bad news is out, so it's time for a rebound,” or “stay out of the way and wait until December”?
