\nBitcoin price falls after the US CPI data, which shows inflation is easing, but the support expected at $36,000 could serve as the springboard for gains above $38,000 and $40,000, respectively.\t\t\t\t<\/p>\n
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Bitcoin (BTC) price faced some volatility on Tuesday after the United States Bureau of Labor Statistics (BLS) released the\u00a0October Consumer Price Index (CPI)<\/span><\/a>\u00a0report. The CPI data revealed that inflation continues to ease in the country at 3.2% against the market expectation of 3.3% and down from September\u2019s 3.7%.<\/p>\n <\/p>\n The Core CPI, which is a measure of inflation excluding the volatile prices of food and energy increased 4% on a yearly basis as compared to the economists\u2019 anticipation of 4.1%.<\/p>\n The CPI did not change on a monthly basis but there was a 0.2% spike in the Core CPI over the same period.<\/p>\n The BLS stated in the press release that \u201cThe index for shelter continued to rise in October, offsetting a decline in the gasoline index and resulting in the seasonally adjusted index being unchanged over the month.\u201d<\/p>\n Notably, \u201cThe energy index fell 2.5% over the month as a 5.0% decline in the gasoline index more than offset increases in other energy component indexes.\u201d<\/p>\n Although BTC price dumped briefly after the release of the CPI data, the correction is expected to be short-lived. The dip from Monday\u2019s highs slightly above $37,000 such that\u00a0Bitcoin price<\/span><\/a>\u00a0is trading at $32,270 could allow for a fresh sweep through liquidity, culminating in a larger breakout past $40,000.<\/p>\nAssessing Bitcoin Price Technical Outlook After CPI Data Release<\/h2>\n
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