Bitcoin (BTC<\/a>) turned back time to February on March 10 as the latest U.S. inflation data sparked a bout of volatility.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD reacting strongly to February\u2019s Consumer Price Index (CPI) readout.<\/p>\n Despite matching forecasts at 7.9%, the print saw Bitcoin stage<\/a> a smaller version of last month\u2019s reaction<\/a>, with a breakout above $40,000 followed immediately by a trip to 24-hour lows.<\/p>\n At the time of writing, Bitcoin traded at the same place it had done before the event.<\/p>\n \u201cHigh inflation numbers are calling for faster hikes and potential QT, quantitative tightening, resulting in a stronger Dollar and people selling their risk-on assets. That’s the short-term reaction,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe summarized<\/a>. <\/p>\n \u201cSuch high inflation isn’t great, nonetheless. Long-term though; Bitcoin.\u201d<\/p><\/blockquote>\n The start of Wall Street trading, meanwhile, did not produce any noticeable changes to the short-term status quo.<\/p>\n The S&P 500 was down 0.6% at the time of writing, while burgeoning commodity prices \u2014 oil and wheat, among others \u2014 remained center stage.<\/p>\n \u201cWheat is everything BTC wanted to be and more,\u201d popular trader Pentoshi joked<\/a>. <\/p>\n \u201cA global reserve currency, inflation hedge, you can trade and carry in your pocket that’s lightweight. If you aren’t going to your local store right now and going all in Wheaties, what are you even doing with your life?\u201d<\/p><\/blockquote>\n The U.S. Federal Reserve\u2019s decision on raising its base rate was due March 16.<\/p>\n “Economy needs energy to run. Energy prices are soaring with no relief in sight,” Material Scientist, creator of monitoring resource Material Indicators, added<\/a> on the day. <\/p>\n “Therefore, economic output (GDP) has and will continue to drop (Q1 at 0%, if Q2 also no growth = officially recession). Also, QT lol. Best bet in ’70s was commodities, energy, hard assets. Strap in.”<\/p><\/blockquote>\n In a further development, money transfer service Western Union \u2014 traditionally a competitor-in-waiting for Bitcoin \u2014 announced that it would halt remittances to both Russia and Belarus.<\/p>\n Related:\u00a0Inflation spikes in Europe: What do Bitcoiners, politicians and financial experts think?<\/a><\/em><\/strong><\/p>\n \u201cIf only there was something that could replace these corporations and that’s kinda decentralized and no one really has control over and that you don’t have to physically carry around,\u201d commentator WhalePanda reacted<\/a>.<\/p>\n On both low and high timeframes, however, very little had changed for Bitcoin, market participants concluded.<\/p>\n #BTC<\/a> high timeframe <\/p>\n Rising wedge + local top $69k H&S neckline extended If SL triggered ou look for an entry at key trendline range or lower.<\/p>\n Bears have been milked, the market wants bulls rekt too. Enter @ support, but be ready in case we go lower pic.twitter.com\/1DowiRV1z3<\/a><\/p>\n \u2014 AN\u20bfESSA (@Anbessa100) March 10, 2022<\/a><\/p><\/blockquote>\n Overnight, BTC\/USD had printed another familiar move<\/a> in the form of a “Bart” chart pattern, once again failing to hold $40,000 support.<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/7ba5f74f-284f-4568-89c0-74d6d42bb643.png\")
Wheat gives Bitcoin a run for its money<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/193f340b-d78d-4a09-b7a9-2fbcfc4e4d80.png\")
Western Union halts international Russia remittances<\/h2>\n
\n
is the current range<\/p>\n