Bitcoin Price Falls Below $30,000 With Unexpected 8.3% Inflation Report Today

Posted on

  • U.S. inflation maintains a near 40-year high with a 8.3% CPI increase.
  • Bitcoin has fallen below its $30,000 line of support as inflation exceeds expectations.
  • Fuel prices show the highest 12-month adjusted inflation ending in April at over 80%.

According to a report from the Bureau of Labor Statistics (BLS), U.S. Consumer Price Index (CPI) inflation data is up 8.3% maintaining a near 40-year high while bitcoin is falling below the support level of $30,000 at the time of writing.

Market expectations for CPI data hovered at 8.1%. Inflation numbers from last month reported a 40-year record breaking 8.5% continuing the largest increases observed since 1981, but right below the January 1982 inflation data of 8.4%.