Bitcoin (BTC) Posts a Bart Simpson Pattern Despite Cooler-Than-Expected CPI Data

A Bart Simpson pattern describes when sharp price gains fully retrace following a brief period of sideways consolidation — producing a chart reminiscent of the head of Bart Simpson

The price of Bitcoin (BTC) showed a classic “Bart Simpson” pattern on Wednesday despite the news that the Consumer Price Index (CPI) — a key measure of inflation — came in lower than expected.

A Bart Simpson pattern occurs when sharp price gains fully retrace following a brief period of sideways consolidation — producing a chart that looks like the head of Bart Simpson, the spiky-haired cartoon character from The Simpsons.

BTC last changed hands for $59,360 after rallying to $61,500 earlier today.

The world's apex cryptocurrency is now sitting on a 0.5% loss over the past 24 hours, while Ethereum (ETH) is down 0.3% at $2,645, Polkadot (DOT) dropped by 1.7% to $4.43, and Solana (SOL) sank by 0.3% to $145.4 over the same period.

Toncoin (TON) leads the gainers among the top 100 cryptocurrencies by market capitalization with a 9.6% gain, followed by Flare (FLR) with 9.5%, and Aave (AAVE) with 8.3%. Sui (SUI) suffered the sharpest decline with a 6.2% drop, followed by Dogwifhat (WIF) with a 3.3% loss.

U.S. spot Bitcoin exchange-traded funds (ETFs) saw $38.7 million in net inflows on Tuesday, with nearly $24.3 million flowing into spot Ethereum ETFs, according to data from Farside Investors.

Meanwhile, institutional buyers were largely responsible for crypto markets recovering from the violent crash suffered by global markets early last week, according to QCP Capital analysts.

“With consistent ETF inflows and BlackRock buying the dip last week, crypto seems relatively well supported,” QCP Capital analysts said. “With no major catalysts on the horizon, we anticipate limited major breakouts until Q4.”

In the last 24 hours, roughly 41,360 traders were liquidated, wiping out $142 million worth of positions, according to CoinGlass data. Longs accounted for 59% of the margin calls.

Fresh data from the U.S. Bureau of Labor Statistics on Wednesday showed that the CPI, which tracks the cost of goods and services in the United States, rose by 0.2% in July, following a 0.1% decrease in June.

Prices have now increased by 2.9% over the past 12 months, marking the smallest annual increase since March 2021. Economists had expected a 3% increase over the year.

In the broader financial market, stock futures tied to the Dow Jones Industrial Average were up 0.10% while S&P 500 futures rose by 0.15%, and Nasdaq 100 futures increased by 0.20%.

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