Bitcoin Stalls Below $80K as Traders Await Inflation Data Catalyst

Bitcoin's recent price action has been relatively flat, trading in a narrow range since mid-August. On Monday, BTC drifted lower as a low-liquidity environment erased the weekend's gains above $80,000.

The price of Bitcoin dipped 2% below $80,000 after its highest weekly close since the start of May. Traders are in wait-and-see mode ahead of this week's key volatility catalyst, US inflation data due on Thursday and Friday.

An analysis by QCP Capital noted that declining overall volatility suggests traders require external catalysts to make a directional move. The market is positioned for a break once the inflation data arrives, according to QCP.