Bitcoin
Bitcoin Consolidates Around $82,600 Ahead of Key US Inflation Data and Federal Reserve Meeting
Markets are closely watching the upcoming consumer price index release, which marks the final major inflation report before the Federal Reserve's rate decision.
Bitcoin traded near $82,663 on Monday evening, down 1.2% on Kraken after ranging between $82,318 and $84,250 on October 12. The asset's recent trading has traced a sideways pattern following a retreat from an October 5 close of $85,752 to an October 8 low of $80,329, with the midpoint of that move around $83,651 proving to be a resistance level.
The upcoming US consumer price index report scheduled for Wednesday, October 14, is expected to heavily influence sentiment. It represents the last inflation metric available to the Federal Reserve before its October 28 monetary policy meeting, with the subsequent inflation print not due until November 10.
Market expectations for monetary tightening have shifted substantially over the past month. According to CME futures data, the priced probability of a 25 basis point rate increase stands at 19.4%, down from 22.1% a week earlier and 42.5% a month ago. An inflation reading coming in above or below market consensus is expected to directly impact interest rate projections and broader crypto valuations.
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