Bitcoin Trades Sideways as CPI Report Has Little Impact on Crypto Market

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Bitcoin consolidates below $29,500 as traders await SEC decisions on ETF applications Bitcoinprice ConsumerPriceIndex CPI

- CPI day came and went with little reaction from the crypto market as Bitcoin continues to trade sideways below $29,800 while the majority of altcoins in the top 200 traded within 3% of Wednesday’s prices.

Data provided by TradingView shows that Bitcoin’s price continues to compress, trading within a range of $29,305 and $29,715 on Thursday, prompting many analysts to warn that a breakout is imminent, but the direction is yet to be determined.Kitco senior technical analyst Jim Wyckoff said “September Bitcoin futures prices [were] a bit weaker in early U.S. trading Thursday, following solid losses Wednesday, which followed good gains Tuesday.

“While Bitcoin prices could continue to consolidate or even correct slightly in the short term, any SEC approval could have a material positive impact,” he added. “Investors should have sufficient upside exposure on any day when the SEC is scheduled to respond to the ETF Applications.”

 

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