Bitcoin lost momentum again this Thursday (15) and fell below US$ 81 thousand, amid higher-than-expected inflation in the United States and a decline in global stock markets. BTC was trading at US$ 80.910, down 2.6% in 24 hours.
Pressure mounted after the U.S. government reported inflation of 3.7% in September, above the projected 3.6% and August’s 3.4%. Core inflation also came in higher, rising 2.6% over 12 months, compared with expectations of
2.5%.
The figures reinforced concerns that the Federal Reserve may keep interest rates high for longer, which tends to weigh on risk assets such as Bitcoin. In Brazilian reais, the cryptocurrency was quoted at R$ 409.935, according to Portal do Bitcoin.
The decline was not limited to the crypto market. Technology stocks also fell, notably the Kospi in South Korea, which dropped as much as 8%, and the Nasdaq 100, which was down about 1.2% in futures trading.
“Stronger inflation in the United States has renewed concerns that interest rates will remain high for longer,” said Vikram Subburaj, CEO of Indian exchange Giottus. He also said institutional demand remains weak, citing net outflows of US$ 150.5 million from spot Bitcoin ETFs on Wednesday.
In the derivatives market, liquidations totaled around US$ 951 million over the past 24 hours, including US$ 876 million in long positions. Analysts say the focus now is on whether demand returns to the spot market or the macroeconomic backdrop continues to pressure prices. Bitcoin briefly touched US$ 80.400 and came close to an important support level near US$ 80.430.
Could Bitcoin fall below the US$ 80 thousand level?
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