European crypto asset manager CoinShares reported that the US August Consumer Price Index (CPI) results were not favorable for Bitcoin. According to Wu Blockchain, CoinShares stated, "The US August CPI data has increased the likelihood of interest rate hikes and raised the risk that the Fed's tight monetary policy could be prolonged beyond expectations. As no dovish signals emerged from the CPI to suggest an easing of the Fed's monetary policy, Bitcoin's short-term upside potential is likely to be limited." It added, "For Bitcoin to show an uptrend surpassing $80,000, additional catalysts may be needed, such as weaker-than-expected economic indicators, a more dovish Fed monetary policy, or new policy incentives that could boost market expectations for interest rate cuts."
