Bitcoin Dips Below $80K as Traders Await Inflation Catalyst

Bitcoin's price has dipped below $80,000 on Monday after its highest weekly close since early May. The move comes despite a narrow range holding since mid-August, with analysts praising Bitcoin's resilience.

The weekend gains above $80,000 were erased due to a low-liquidity environment, which increased the chances of sudden moves in both directions. Thinner order books led to liquidations evenly split between long and short positions over the past 24 hours, with a total of $178 million in cross-crypto liquidations.

As markets wait for clarity on interest-rate hikes by the Federal Reserve, traders are in a wait-and-see mode ahead of Thursday's US inflation data. QCP Capital notes that declining overall volatility suggests traders require external catalysts to drive market movements.