Stagnant Bitcoin Awaits Inflation Data and Rate Hike Decision

Bitcoin's price has been stuck near $77,300 for days, leading traders to speculate that something significant is about to happen. The Consumer Price Index (CPI) report for August was released on Friday morning, showing a year-over-year increase of 3.4%, matching July's headline print.

The Federal Reserve's decision to raise interest rates by a quarter-point now has a 67.1% chance, according to the CME FedWatch tool, with a 32.9% chance of no change. This shift in odds is likely contributing to Bitcoin's stagnation.

An unrelated factor adding pressure on the market is the recent oil price surge, which reached above $100 per barrel this week due to Houthi drone and missile strikes on Saudi energy sites. Higher energy costs tend to feed into inflation data, making a soft CPI print less likely.