Crypto29 September, 20262 min read
Bitcoin Trades Near $83,200 After Spike Fades Ahead of U.S. CPI Data
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Bitcoin hovered around $83,000 ahead of U.S. CPI data. Price range bounded roughly by $82,500 support and $84,000 resistance.
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Bitcoin range and CPI
Bitcoin traded near $83,200 after a brief spike to $84,000 faded, leaving the price down 0.5% as traders watched the 50-day moving average near $81,000 and a ceiling at $84,000.
Alex Kuptsikevich, chief market analyst at FxPro, said, "the latter's caution is preventing Bitcoin from spreading its wings," as Nasdaq 100 futures were little changed.
Bitcoin $BTC$83,212.45 was quoted around $83,450 in European morning trading after a brief spike to $84,000 at 08:00 UTC, then recovering from a low of $80,970 on Tuesday.
The CoinMarketCap Altcoin Season Index fell to 55 from 60 a week ago, while the CoinDesk 80 was down 0.6% from midnight UTC.
The next catalyst was today’s U.S. CPI data, the final inflation read before the Fed decision on October 28.
Derivatives cool, hedging
24-hour crypto futures volume fell 26% to $156.79 billion, while open interest fell to $140 billion, down 2.27%. Liquidations fell more than 80% to $136.32 million, and it described the move as "a calmer, less-leveraged market." Short positions represented 52% of flow, and Bitcoin and ether traders were reducing risk as open interest declined by 3.5% and 2.7%, respectively.
Options traders were hedging to the downside on Bitcoin, with 24-hour option skews listing puts at $60,000, $78,000, and $75,000. A cryptocurrency derivatives account increased its Bitcoin short position by about $4.591 million within 49 minutes on October 14, raising the total short position to approximately $5.158 million.
ETF flows and positioning
Bitcoin was trading around US$83,300 on Wednesday morning, October 14, after gaining about 1.6% during Tuesday’s session and briefly pushing above US$84,000. US spot Bitcoin ETFs recorded around US$109.8 million of net inflows on October 13, with Fidelity’s Wise Origin Bitcoin Fund accounting for most of the buying with US$103.1 million of inflows. U.S. spot Bitcoin ETFs recorded $487.07 million in net outflows on October 7, with every tracked fund seeing withdrawals as institutional demand reversed sharply.
BlackRock's IBIT led the withdrawals with $207.67 million, followed by Fidelity's FBTC with $105.15 million. Over the past 24 hours crypto liquidations exceeded $800 million, and it quoted Avinash Shekhar, Co-Founder & CEO, Pi42, saying the correction showed "significant pressure on leveraged positions."