{"id":871707,"date":"2025-09-09T21:13:08","date_gmt":"2025-09-10T02:13:08","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/09\/09\/bitcoin-price-rejected-at-113k-ahead-of-cpi-data-what-is-jpmorgans-take\/"},"modified":"2025-09-09T21:13:08","modified_gmt":"2025-09-10T02:13:08","slug":"bitcoin-price-rejected-at-113k-ahead-of-cpi-data-what-is-jpmorgans-take","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/09\/09\/bitcoin-price-rejected-at-113k-ahead-of-cpi-data-what-is-jpmorgans-take\/","title":{"rendered":"Bitcoin Price Rejected at $113k Ahead of CPI Data: What is JPMorgan\u2019s Take?"},"content":{"rendered":"
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\"Bitcoin<\/figure>\n<\/div>\n
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Bitcoin (BTC) price led the wider altcoin market in a mild retrace on Tuesday, September 9, during the mid-North American session. After attempting a bullish breakout earlier on Tuesday during the London session, the flagship coin was rejected at the resistance level around $113k, thus retracing 1.1% to hit a range low of about $110,822.<\/p>\n

The wider altcoin <\/a>industry followed in tandem, thus increasing the daily net liquidation of leveraged positions at around $370 million, with the majority involving long traders.<\/p>\n

Top Reasons Why Bitcoin Price Dropped Today<\/h2>\n

Downsized Biden\u2019s Era Job Figures<\/h3>\n

Bitcoin and the wider crypto market reacted to the announcement that Biden\u2019s Job figures were inflated. On Tuesday, the Bureau of Labor Statistics revised the job growth downward by 911k for the period between April 2024 and March 2025.\u00a0<\/p>\n

\u201cNow it\u2019s official: 2024 job gains were exaggerated by nearly 1M workers, and this is on top of an already reported 577K in downward revisions. This brings the Biden jobs overstatement to a staggering 1.5M,\u201d Scott Bessent, Treasury Secretary noted<\/a>.<\/p>\n

Upcoming U.S. CPI Data<\/h3>\n

The downsizing of Biden-era jobs happened ahead of the upcoming CPI data for August. According to JPMorgan, August CPI is projected at 2.9% YoY, with core CPI steady at 3.1% YoY.<\/p>\n

According to the bank, if the Core CPI is greater than 0.4%, the markets will record more losses. However, the bank noted that if the Core CPI comes in lower than 0.25%, the markets will rebound in anticipation of rate cuts.<\/p>\n

Will the Fed Initiate a Rate Cut?<\/h2>\n

The odds of a 25 bps Fed rate cut reduced on Kalshi and Polymarket today, but remained elevated. According to JPMorgan<\/a>, the Fed will initiate a 25 bps rate cut next week amid the CPI uncertainty.\u00a0<\/p>\n

Bessent stated that the Fed ought to cut its benchmark interest rate since President Donald Trump inherited a worse economy than reported. As such, Bessent stated that President Trump is justified in pushing the Fed to cut rates as high rates have been choking the economy.<\/p>\n<\/div>\n

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\n Steve Muchoki<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) price led the wider altcoin market in a mild retrace on Tuesday, September 9, during the mid-North American session. After attempting a bullish breakout earlier on Tuesday during the London session, the flagship coin was rejected at the resistance level around $113k, thus retracing 1.1% to hit a range low of about $110,822.<\/p>\n","protected":false},"author":1,"featured_media":871708,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,4759],"tags":[],"class_list":["post-871707","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-price"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/871707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=871707"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/871707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/871708"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=871707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=871707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=871707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}