Oil is down almost 20% and gas is down 25% since the end of October, and Robbert van Batenburg, Global Strategist at The Bear Traps Report, says that sets up a dovish Fed and "the sweet spot for gold," which is good for Bitcoin too.
Bitcoin price slipped to $73,500 Tuesday morning after October consumer prices rose 0.4%, topping forecasts and pushing traders toward a bigger Federal Reserve rate hike in December.
Bitcoin price climbed above $64,000 after cooler-than-expected June inflation boosted expectations for Federal Reserve rate cuts, though sticky core inflation and rising oil prices continue to cloud the outlook.
While many talking heads would like you to believe that inflation is slowing down, the current policies only serve to make the problems significantly worse.
August CPI inflation data was worse than expectated and the markets repriced in response. Bitcoin falls more than 10% and the S&P 500 closes down 4.3%.