Here’s why Bitcoin traders shouldn’t overanalyze US inflation data By Cointelegraph

Analysts and pundits will scramble to find some angle to explain intra-day price action whenever important economic numbers are published and this practice is commonplace in the crypto sector.

When the United States Bureau of Labor Statistics reported a 7.5% increase in the Consumer Price Index (CPI) on Feb. 10, traders rushed to find some connection to the crypto price action. However, historical correlation data shows investors should actually closely scrutinize whether there is even a relation between (BTC) and major economic indicators.

U.S. CPI (orange, left) vs. Bitcoin/USD (blue, right). Source: TradingView
Bitcoin, S&P500, WTI Oil, and TIP ETF 30-day correlation charts. Source: TradingView