The August U.S. inflation report did not support Bitcoin. Core CPI rose 0.3% month-over-month, above the 0.2% expected, raising the probability of another Federal Reserve rate hike at its September 15-16 meeting. Digital asset investment products saw $243 million in net outflows in the week following the CPI release, contrasting with $1.3 billion in inflows the prior week. Bitcoin is currently trading between $77,000 and $78,000, failing to break above the $80,000 level. CoinShares expects Bitcoin’s path of least resistance to be sideways or lower as long as economic data does not shift in a more accommodative direction.
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