Bitcoin Price Hinges on US CPI and PPI Data as $100K Target Looms

Bitcoin investors are closely watching macro indicators for signs of the next move. Analysts predict that an $83,000 higher-timeframe close could trigger further upside to $100,000.

The Bitcoin price has remained range-bound between $78,000 support and $82,000 resistance as investors await US PPI and CPI data.

Popular analyst Crypto Patel noted that the Bitcoin price chart is close to a golden cross formation, which would indicate further upside. However, he cautioned that failing to break past the resistance could trigger a downside in the $60K-$70K range.

Economists at TD Securities expect the upcoming US CPI report to show that underlying inflation remained under control in August.