Crypto Prices Dump, Pump on CPI Day - Elon Musk's $20k Bitcoin Call in Play
After first pumping and dumping on CPI day - hitting a daily low of $18,000 - the Bitcoin price then quickly pumped back to around the $19,000 level after a strong bounce . CPI data came in hot - inflation rose more than expected, sparking fears of more Fed rate hikes to come. Read our full market watch update here. CPI Day Bitcoin Recovery The Bitcoin price is now only down approximately 1% or less in the past day, attempting to reclaim the four hour trendline it lost earlier today when traders derisked before the CPI print. Bitcoin is also currently outperforming stocks in terms of relative strength. The S&P 500 hit a low of 3,491 on CPI day before also recovering well - bouncing as high as 3,660. New Elon Musk Bitcoin Price Prediction Elon Musk also tweeted one word late last night - '$20,000' - while he posted no follow up tweet as yet, it suggests the billionaire is expecting the Bitcoin price to recover to that psychological support area in the sh...