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Market Wrap: Bitcoin Trades Flat Ahead of Inflation Report

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MARKET WRAP: $BTC stays below $20K for the time being. Trading volumes are quiet ahead of the next inflation report later this week. GWilliamsJr_CMT and _jocelynyang_ report

BTC continues to trade flat, reflecting the absence of catalysts that would spur significant price movement in either direction. Investors currently appear content to sit idly just three days ahead of Thursday’s Consumer Price Index data release.

The COT report, published by the Commodity Futures Trading Corporation, displays the holdings of participants in U.S. futures markets for different assets. BTC continues to be resilient in the face of challenging economic news, trading at an identical level to where it was in mid-June. Over that same time frame, the FOMC has raised interest rates three times and by 225 basis points, and is widely expected to raise rates by another 75 basis points in November.

have preceded recessions in 2008, 2001 and 1990, so investors have naturally been reluctant to allocate more capital to riskier assets, including crypto.tempered his previous bitcoin bullishnessTechnical indicators continue to blink neutral as the daily 14-day Relative Strength Index for BTC is 44. An RSI of 70 indicates that an asset may be overvalued, and 30 implies that it may be undervalued. An RSI of 44 indicates neither. BTC is also trading just shy of its 20-day moving average of $19,383.

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