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Here’s why Bitcoin traders shouldn’t overanalyze US inflation data -Breaking

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When important economic figures are released, analysts and pundits often try to figure out how to explain intraday price movements. This practice is quite common in crypto.

The 7.5% rise in unemployment reported by the United States Bureau of Labor Statistics Consumer Price Index, (CPI)On February 10, crypto-price action was a hot topic and traders scrambled to make connections. Historical correlation data suggests that investors need to carefully examine whether or not there are any relationships between the ().BTCThese are the main economic indicators.

U.S. CPI (orange, left) vs. Bitcoin/USD (blue, right). TradingView
Bitcoin, S&P500, WTI Oil, and TIP ETF 30-day correlation charts. TradingView