From Coinpedia · By Nidhi Kolhapur
Bitcoin recovered to $84,000 after briefly falling to $81,000, as buyers defended support ahead of today’s US Consumer Price Index (CPI) report. In the previous 15 CPI releases, Bitcoin traded higher 24 hours later in 12 cases. When inflation came in below expectations, BTC closed higher the next day in eight out of nine cases. Lower inflation can give the Federal Reserve more room to cut interest rates, which often supports risk assets such as Bitcoin.
Bitcoin Price Prediction Ahead of CPI Report Today
Bitcoin Price is trading in a narrow range as traders wait for the US inflation report. The price bounced from around $81,000, showing that buyers are still defending this level.
Three scenarios could shape Bitcoin’s next move:
Bullish scenario: If Bitcoin closes above $84,000 on the daily chart, it could move toward $86,530, its previous weekly opening level.
Neutral scenario: If BTC stays between $81,000 and $84,000, the range could continue until the CPI data gives traders a clearer direction.
Bearish scenario: If Bitcoin closes below $81,000, the price could fall toward $77,153, which is near its 50-week moving average.
How Could US CPI Data Affect Bitcoin?
The US September CPI report is scheduled for release today. Market expectations cited in the analysis are around 3.6%–3.7%, compared with the previously reported 3.4% reading.
If inflation comes in higher than expected, Bitcoin could face selling pressure as traders reassess the Federal Reserve’s interest rate outlook. A lower reading could support BTC and help it move above $84,000.
Market-implied odds of a Federal Reserve rate hike at its October 28 meeting reportedly rose from 16% to 18%. However, the probability remains low.
Ethereum and Altcoins Remain Under Pressure
Ethereum, SUI and TAO have also declined as the market waits for the CPI report.
Ethereum fell to around $2,409, close to its previous weekly low of $2,406. It needs to reclaim $2,556 to improve its short-term outlook.
SUI briefly dropped below $1 before recovering. The $1 level is its immediate support, while $1.13 and $1.21 are the next resistance levels. A fall below its 50-day moving average near $0.92 could weaken its outlook further.
TAO dropped to around $262 before recovering toward $276. Its key support is near $265, while resistance stands at $298 and the $305–$309 range.
Altcoins also remain exposed to further selling because traders continue to hold a high number of long positions. Another market decline could trigger additional liquidations.
Will Bitcoin Price Move Up or Down Today?
Bitcoin’s short-term direction depends on the CPI result and its ability to hold the $81,000 support level. A daily close above $84,000 would strengthen the bullish outlook, while a break below $81,000 could bring $77,153 into focus. Until the inflation data is released and Bitcoin breaks out of its current range, the next price move remains uncertain.