Bitcoin price dips below $82K amid rising US inflation
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Written by
Simonas Brazionis - Updated 2026-10-16 14:35:31
Following the Wall Street open on Wednesday, Bitcoin price dips below $82K, reaching a low of $81,926 on Bitstamp. This decline occurred as U.S. consumer inflation figures surpassed market expectations.
The U.S. September Consumer Price Index (CPI) registered 3.7%, exceeding the anticipated 3.6%. Fuel price increases were a primary contributor to this inflation surge, rising 9.1% year-on-year.
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Inflationary Pressures and Contributing Factors
The Bureau of Labor Statistics (BLS) confirmed the 3.7% year-on-year CPI, which was 0.1% higher than the market consensus. The increase in fuel prices, influenced by the Middle East conflict and oil-supply issues, was particularly notable.
An official BLS release stated that the gasoline index rose 9.1% in September, accounting for over half of the monthly increase in all items. The energy index increased by 5.2% over the month, following a 2.1% rise in August.
Inflation also showed a broader increase, with the core CPI, which excludes energy and food, coming in at 2.6% year-on-year, also 0.1% higher than anticipated. Sonu Varghese, chief macro strategist at Carson Group, suggested that elevated inflation figures should not be surprising.
Market Response and Federal Reserve Outlook
The latest data from CME Group’s FedWatch Tool showed a shift in market expectations regarding Federal Reserve policy. A majority now anticipate a 25-basis-point interest-rate hike at the Fed’s upcoming meeting on October 28, with the probability rising to 53.7% from 22.1% the previous day.
For December, the odds of a second 25-basis-point hike stood at 50%. Theresa Sheehan, an economic analyst at Econoday, indicated that in conjunction with soft payroll numbers, the Federal Open Market Committee (FOMC) is likely to hold off on rate moves in October but maintains a bias towards a December hike.
Broader Market Impact
Following the CPI results, gold fell to $4,079 per ounce, and U.S. bond yields increased. The 10-year yield, sensitive to energy prices, reached 5.329%, nearing new 24-year highs.
Economist Robin Brooks commented that this development was detrimental to global bond markets, which had shown signs of calming before the inflation report. Bitcoin continues to fluctuate around a key area between $82,500 and $83,400, as market analysis awaits a clear decision on its support level.
