Bitcoin News Today: Bitcoin Traders Await CPI Data as Price Consolidates Near $119,000

Bitcoin’s price hovered around $118,911 for the 12th consecutive session, showing tight consolidation amid market caution ahead of key macroeconomic data releases, particularly the U.S. Consumer Price Index (CPI) report. On Gemini, intraday support was identified between $119,000 and $119,100, offering a crucial short-term reference point for both retail and institutional participants [1]. Analysts noted that such a hold pattern suggests investors are awaiting directional cues from major economic indicators before committing to further positions [1].

The derivatives market has shown increased positioning at the $115,000 to $118,000 level, indicating heightened anticipation of potential price corrections if inflation data surprises to the upside. Bitcoin put options have skewed bullish in this range, reflecting defensive positioning by traders wary of rising inflationary pressures [1]. According to analysts, if the CPI report exceeds expectations, derivatives flow data suggests a realistic possibility of Bitcoin retreating to this price range [1]. This view is further reinforced by sentiment expressed across social platforms, which continues to support bearish scenarios tied to macroeconomic surprises [1].

Meanwhile, institutional demand has played a pivotal role in shaping Bitcoin’s recent momentum. A new executive order paving the way for cryptocurrency inclusion in retirement accounts has reignited interest among institutional investors, contributing to inflows and pushing the price to multi-month highs [1]. Analysts note that such institutional tailwinds are reflected in both bullish and bearish models, as they factor in broader macroeconomic variables and regulatory shifts [1].

On-chain data and structural factors continue to support Bitcoin’s long-term price prospects. With approximately 20 million BTC in circulation—95% of the total supply—and a U.S. Strategic Bitcoin Reserve holding roughly 200,000 BTC, the structural demand for Bitcoin remains robust [1]. However, the near-term price action is expected to remain volatile, especially with macroeconomic data like the CPI looming. Traders and investors are closely watching for a breakout above the $120,000 resistance level or a pullback toward key support zones [1].

Price forecasts based on technical analysis, options flow, and macroeconomic indicators suggest diverging scenarios. If the CPI data comes in softer than expected and institutional optimism persists, Bitcoin could see a short-term move to $122,000–$124,000, with mid-term targets as high as $130,000–$134,000 [1]. Conversely, if the CPI surprises to the upside, a retest of the $115,000–$118,000 range becomes more likely, with potential mid-term support near $110,000–$112,000 [1].

The current market sentiment reflects a duality: while some view Bitcoin as a hedge against inflation and lower interest rates, others remain skeptical about its ability to sustain momentum if traditional assets—such as Nasdaq tech stocks—experience sell-offs [1]. This dual narrative continues to condition near-term price expectations, with many traders positioning themselves for volatility ahead of the CPI release.

Source: [1] Why $115K–$118K Could Be Bitcoin’s Next Stop If CPI Surprises (https://coinmarketcap.com/community/articles/689b69a345c4117d9caf8693/)