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Bitcoin, altcoins sell-off on record-high inflation, but traders still expect BTC to consolidate

Cryptocurrency 41 minutes ago (Jun 10, 2022 10:00PM ET)

Bitcoin, altcoins sell-off on record-high inflation, but traders still expect BTC to consolidate Bitcoin, altcoins sell-off on record-high inflation, but traders still expect BTC to consolidate

Global financial markets once again find themselves trending lower on June 10 after the Consumer Price Index (CPI) came in at a blistering 8.6% year-over-year increase, the highest print since 1981.

The hotter-than-expected CPI print resulted in a collapse of the $30,000 support and (BTC) price sold off to a daily low of $28,852 before dip buyers managed to bid the price back above $29,000.

BTC/USDT 1-day chart. Source: TradingView
DXY 4-hour chart vs. SPX 2-hour chart. Source: Twitter (NYSE:)
4-hour chart. Source: Twitter
BTC/USD 2-hour chart. Source: Twitter

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