Bitcoin Price Wavers Ahead of Crucial CPI Report

The Bitcoin price is hovering around the $76,500, $77,000 support zone, but it's becoming increasingly fragile ahead of Friday's Consumer Price Index (CPI) report. The forecast for inflation is at 3.4%, and higher average oil prices in August could make the CPI reading even hotter.

A stronger-than-expected CPI result could put pressure on the Federal Reserve before next Wednesday's FOMC decision. If the Bitcoin price breaks below $76,500, the next potential downside zone is around $72,000, $74,000.