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It’s a downward descent once again for the original crypto. Bitcoin (BTC) dropped more than 6% on Tuesday, falling below the $21,000 threshold.
The sell-off came on the heels of a higher-than-expected consumer price index (CPI) report from the Bureau of Labor Statistics.
CPI came in at 8.3% for August. Although this is lower than July’s CPI of 8.5%, it’s still higher than the expected 8.1%. Core CPI, which doesn’t include food and energy prices, came in 0.6% higher than in July and 6.3% higher year over year.
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Bitcoin price is down now?
Bitcoin, its total market cap was headed back toward its six-week low of $18,661 on Sept. 6, territory it hasn't touched since the end of June. Bitcoin's total market cap was back below $375 billion on Sunday, a threshold last breached on Sept. 6 and not since July 13 before that.
For his part, Doctor Profit—whose main claim to fame is predicting $18,000 as the "ultimate bottom" for Bitcoin as early as April 2021—said that "the bottom is being formed" with a likely prince range of $18,000 to $25,000 through next March. Is it down now?
