Bitcoin Faces Imminent 40% Price Swing Ahead Of US Inflation Data

Crypto markets entered a pivotal moment as Bitcoin and Ether prices remained trapped in a narrow range.

“Bitcoin holds steady as inflation data looms, bittensor drama unfolds Traders face a pivotal Friday as narrowing volatility on bitcoin's chart hints at a massive price move while bittensor faces a high-profile developer exit”

@coindesk

Bitcoin's Daily Bollinger bands were at their narrowest since early 2024.

@coindesk

The cryptocurrency held between $63,000 and $75,000 since early February.

A breakout above $75,000 would trigger upside momentum.

A move below $70,000 would liquidate around $200 million worth of long positions.

The looming catalyst was the U.S. consumer price index data, estimated at 3.3% year-on-year.

Open interest in Bitcoin futures increased by 1%.

Average perpetual funding rates were at their highest since February 4.

Benzinga

Other major cryptocurrencies were mixed.

Bitcoin's 30-day implied volatility index slipped to 45%.

The decline in volatility was largely led by ETF-related flows.

Institutions sell calls for yield, which suppresses upside vol.

The CoinDesk Computing Select Index lost 1.4%.

“Home / Education / Crypto / Investing / ChatGPT Reveals Bitcoin’s Next Targets: $74K Breakout or $67K Dip Before CPI Data Investing”

CCN

Bittensor lost more than 12%.

Covenant AI said the network's decentralization is a lie.

DASH surged more than 19% since midnight UTC.

DASH contributed to a 24-hour gain of 34%.

Traders rotated back into the privacy sector.

Wall Street giants estimated headline CPI inflation at 3.4%.

The surge in crude oil prices could push US CPI inflation from 2.43% to almost 3.4%.

CoinGape

A hotter-than-expected CPI could strengthen the stagflation narrative.

Bitcoin was barely flinching ahead of key U.S. inflation readings.

The crypto market may be decoupling from macro headlines.