Bitcoin Price Eyes CPI Data: Will Inflation Trigger its Next Breakout or Breakdown?

• Bitcoin (BTC) holds near $110K ahead of critical October 24 U.S. CPI inflation data
• CPI outcome dictates BTC’s path: soft print targets $120K, hot risks $100K breakdown
• Inflation data crucial for Fed rate cut expectations, a key Bitcoin price driver

Bitcoin initially fell more than 3.5% this week, retreating from $114,000 to the $107,000 range as traders turned cautious ahead of the October 24 U.S. Consumer Price Index (CPI) release. Meanwhile, it reversed the loss with a 1.6% uptick in the past day, trading at $109,879. 

Why Does the October 24 CPI Report Dictate Bitcoin’s Next Move?

The  CPI report, delayed by the government shutdown, has taken on outsized importance as the Federal Reserve prepares for its next policy meeting on October 29.

Related: Bitcoin Price Prediction: BTC Consolidates as Traders Await Breakout Signal

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