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

2022.06.11 05:20

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 Bitcoin (BTC) price sold off to a daily low of $28,852 before dip buyers managed to bid the price back above $29,000.

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