Stuck in Neutral: Bitcoin Waits for CPI Print and Rate Decision

Bitcoin's price has been stuck near $77,300 for days as traders await the Consumer Price Index (CPI) print. The CPI report was released on Friday morning, showing a year-over-year inflation rate of 3.4%, matching July's headline print.

The Federal Reserve's decision to raise interest rates is still a possibility, with CME's FedWatch tool putting the odds of a quarter-point hike at 67.1%. This would be the first rate increase in a long stretch, and futures traders are not divided on the matter anymore.

Additionally, oil prices have surged due to Saudi supply strikes, which could exacerbate inflation worries and pressure the Fed to raise rates. The price of WTI crude has pushed past $100 a barrel, a level that tends to impact the Fed's decision-making process.

The cost basis data on Bitcoin's supply map shows a dense wall of coins between $76,500 and $80,000, making it difficult for prices to break through. A softer-than-expected inflation read could send hike odds tumbling and give Bitcoin room to test this heavy supply band.