**Bitcoin Experiences Dip Following US CPI Data Release**
Following the announcement of the US Consumer Price Index (CPI) at 2.4%, Bitcoin’s price witnessed a decline of approximately 0.9% within the first 15 minutes, ultimately closing that 15-minute candle down by 0.5%. This drop highlights the volatility often associated with significant economic data releases in the cryptocurrency market.
Traders are closely monitoring the upcoming Federal Reserve meeting scheduled for November 7, with the market estimating a roughly 15% probability that interest rates will remain unchanged. Conversely, there is about an 85% likelihood that a 25 basis point rate increase will be considered. This anticipation of monetary policy shifts often influences market sentiments, including those related to Bitcoin.
Adding to the market complexity, the US presidential elections are set to take place on November 5. As both major events unfold, investors are advised to stay vigilant given the potential ramifications on cryptocurrency trends in the coming weeks.