Bitcoin (BTC) dropped to two-week lows on June 11 as the week’s Wall Street trading ended with bears in control.
U.S. inflation print proves setback
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reached $28,528 on Bitstamp, its lowest since May 28.
The pair had fallen in step with stock markets on June 10, these finishing the week noticeably down — the S&P 500 and Nasdaq Composite lost 2.9% and 3.5%, respectively.
This was on the back of surprisingly high inflation data from the United States, which took a turn for the worst in stark contrast to expectations. As Cointelegraph previously reported, at 8.6%, annual inflation came in at the highest since December 1981.
Reacting, market commentators were thus firmly on the bearish side when it came to future BTC price action.
“When we drop to $22,000 – $24,000 on Bitcoin they will call for lower Don’t be too greedy when the time comes,” popular…
