Bitcoin (BTC) maintained its key support at $82,500 on Sunday’s weekly close, avoiding a return to its previous macro range between $60,000 and $80,000. US Consumer Price Index (CPI) data will be released on Wednesday and Producer Price Index (PPI) on Thursday, with markets expecting inflation at 3.7% year-on-year versus 3.4% in August. The CPI print is expected to be the main catalyst for volatility in risk assets this week, ahead of the Federal Open Market Committee meeting on October 28. CME FedWatch data shows an 18.8% chance of a rate hike at the October meeting and 70.6% odds of a 25 basis point hike in December. Bitcoin closed the week at approximately $83,700 on Bitstamp, representing a 3.2% weekly decline.
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