Hovering at a range between $18,800 and $19,500, the Bitcoin price is chopping out short and long positions. The current dynamics in the market have been determined by macro forces leading BTC to extreme as it approaches a major economic event. Related Reading: Bitcoin Boredom Causes Trading Volume To Dive 38% From September Highs The Consumer Price Index (CPI) for September is poised to operate as one of these events. In the past months, these reports, used by the U.S. Federal Reserve (Fed) to benchmark inflation, have been followed by spikes in volatility. At the time of writing, the Bitcoin price trades at $19,100 with sideways movement in the last 24 hours and a 6% loss in the past week. BTC’s price action has been dragging the crypto market down with it as market participants for digital and traditional assets brace for volatility. Bitcoin Price Squeeze Incoming? CPI Print Will Be Decisive Senior market analyst at Cubic Analytics, Caleb Franzen, shared his thoughts on the upcoming CPI report. Today, the U.S. government published its Producer Price Index, one of the most important inflation benchmarks in this country. The PPI has been accelerating, Franzen said, from 6.5% in August to 6.8% in September, beating expectations and hinting at higher inflation reflected by the upcoming CPI print. The PPI is far from its yearly low at 9.2%, but as the analyst said, the upside trend reflects the “stickiness” in inflation and migh...
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