Bitcoin faces contrasting market forces, according to CoinShares Head of Research James Butterfill. The U.S. core CPI rose 0.3% month-on-month in August, exceeding expectations and increasing the probability of tighter monetary policy, which could limit Bitcoin’s immediate upside. Market bets on a rate hike at the next Federal Reserve meeting reached 85% at one point, based on CME FedWatch data.
Butterfill said the expanded U.S. Treasury buyback program has failed to effectively lower long-end yields. If that continues, larger-scale intervention could raise concerns about currency depreciation and support valuations for Bitcoin and gold over the medium term. CoinShares said Bitcoin’s short-term upside may remain capped below $80,000.
CoinShares: CPI May Cap Bitcoin’s Short-Term Upside Below $80,000
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