Bitcoin’s price fell to $81,473 this week, down 2% over a seven-day period, following hotter-than-expected U.S. inflation data in September. Both consumer prices and producer prices rose at an accelerated pace, suggesting the Federal Reserve may hike interest rates. Analyst James Butterfill, Head of Research at CoinShares, nonetheless believes the situation is not fundamentally bearish and advises investors to focus on the long term rather than reacting to weekly data points. Bitcoin has returned to bull market territory after trading above its 365-day moving average.
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