Bitcoin Stalls Below $80K as Traders Wait for Inflation Catalyst
Bitcoin's price action on Monday was marked by a dip of nearly 2% below $80,000 after its highest weekly close since early May. This decline came as traders entered a wait-and-see mode ahead of key US inflation data due out this week.
The low-liquidity environment over the Labor Day holiday weekend likely contributed to the price movement, with thinner order books increasing the chances of sudden moves to target liquidity both above and below the spot price. According to CoinGlass, liquidations were evenly split between long and short positions over the past 24 hours, with a total of $178 million in cross-crypto liquidations.
QCP Capital noted that declining overall volatility suggests traders are waiting for clarity on market expectations rather than pricing in strong directional views. The company added that 'the market is positioned for a directional break once the inflation data arrives.'