Is Bitcoin's CPI pump sustainable for a new Q4 High?
The US Consumer Price Index numbers were out a day back. Notably, inflation for September dropped to 8.2%, the lowest since February this year. Initially, as equity futures plummeted, even Bitcoin dropped. However, it initiated a recovery right after and embarked on a recovery towards $20k. Consequentially, Bitcoin was trading in the green on the daily on Friday, after inclining by more than 3.5%. Read More: US inflation falls to 8.2% in September Even though the asset re-claimed a $380 billion market cap, its social dominance remains to be malnourished. As far as this metric is concerned, it shares a direct correlation with Bitcoin i.e whenever BTC’s social dominance is high, prices typically rise and vice versa. As illustrated below, whenever the discussion rate on social platforms has exceeded 20%, green candles have been registered by BTC. So, the same hovering around 13% at the moment indicates that the community is not essentially pumped . Source: Santiment Wi...