Bitcoin has fallen for five straight weeks. Yesterday, $BTC briefly dropped to around 73,500 USDT on Binance spot, then rebounded above 75,500 overnight. But this morning, it was back around 75,000. Before tonight’s CPI release, I expect it to move sideways around this range; for now, the rebound probably won’t go much further.
From 3 a.m. to 9 a.m. today, open interest in Binance BTC perpetuals rose by about 1.2%, but spot still hasn’t surpassed last night’s rebound high. The rise in open interest doesn’t show which side is more aggressive. If spot can hold above 75,600 USDT before the data release, then this rebound will be stronger than last night’s.
U.S. October CPI is due at 9:30 p.m. Beijing time tonight. Gasoline prices rose sharply in September, pushing headline CPI up 0.6% from the previous month, while core CPI rose 0.3%. If this time gasoline prices simply rise more slowly, while the two-year Treasury yield doesn’t fall much, then even if BTC rebounds initially, I don’t think this report will be enough to reclaim the levels it failed to hold last night.
From 3 a.m. to 9 a.m. today, open interest in Binance BTC perpetuals rose by about 1.2%, but spot still hasn’t surpassed last night’s rebound high. The rise in open interest doesn’t show which side is more aggressive. If spot can hold above 75,600 USDT before the data release, then this rebound will be stronger than last night’s.
U.S. October CPI is due at 9:30 p.m. Beijing time tonight. Gasoline prices rose sharply in September, pushing headline CPI up 0.6% from the previous month, while core CPI rose 0.3%. If this time gasoline prices simply rise more slowly, while the two-year Treasury yield doesn’t fall much, then even if BTC rebounds initially, I don’t think this report will be enough to reclaim the levels it failed to hold last night.