Bitcoin maintains a critical support level at $82,500 as traders prepare for upcoming US inflation data. The Consumer Price Index and Producer Price Index reports for September are scheduled for release this Wednesday and Thursday.
Market expectations suggest a potential rise in CPI to 3.7% year-on-year, compared to 3.4% in August. Meanwhile, the PPI is projected to reach 0.3% month-on-month. These figures are closely watched ahead of the Federal Open Market Committee meeting on October 28.
CME FedWatch data indicates an 18.8% probability of a rate hike during the October meeting, with the current range set at 3.75–4.00%. For the December meeting, there is a 70.6% chance of a 25 basis point increase.
Bitcoin closed the week with a 3.2% decline, trading at approximately $83,700 on Bitstamp. Analysts suggest that maintaining the $82,500 support level is essential for potential upward momentum, drawing parallels to previous market recovery patterns.
