Bitcoin (BTC) saw a classic Wall Street sell-off on Mar. 12 as bears tempered a welcome US inflation slowdown.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
BTC price reverses at key bull market trendline
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching three-day highs of $84,437 on Bitstamp before reversing.
The January print of the US Consumer Price Index (CPI) came in below expectations at 2.8%, per data from the Bureau of Labor Statistics (BLS), hinting at slowing inflation.
“Core CPI inflation FALLS to 3.1%, below expectations of 3.2%,” trading resource The Kobeissi Letter added in part of a response on X.
“This marks the first decline in both Headline and Core CPI since July 2024. Inflation is cooling down in the US.”
US CPI 12-month % change. Source: BLS
However, the good