Bitcoin trades near $83,679 as traders wait for US inflation data on October 14 and a speech by Fed Chair Kevin Warsh on October 15. Whales are accumulating, but selling pressure still outweighs buying, and a hot CPI print could push prices lower.
Bitcoin trades at $83,679 after a 0.8% gain in 24 hours, with US inflation data due on October 14 and a speech by Fed Chair Kevin Warsh on October 15. On-chain data shows whales accumulating ahead of both events, but selling pressure continues to outweigh buying pressure.
CPI print tests rate-hike bets
The Consumer Price Index report comes out on October 14, and the crypto market is already bracing for higher headline inflation. MarketWatch data cited by CoinGape shows investors expect a 3.7% year-over-year rise in September, up from 3.4% in August. The market also expects core CPI, which excludes food and energy, to rise from 2.4% to 2.5%.
If inflation rises as expected, it could push Bitcoin lower because the market will begin to price in rate hikes in 2026. CoinGape prediction markets currently show a 55% chance of another hike this year. Those odds could shift after Warsh speaks in Thailand, as markets wait to see whether he addresses inflation or the odds of more hikes at the October and December FOMC meetings.
Whales accumulate as funding rate turns positive
CoinGlass data points to improving sentiment: Bitcoin's weighted funding rate rose from -0.0015% to 0.0043%. CryptoQuant data shows whale wallet holdings back above 3.02 million BTC. The whale share of Bitcoin inflows to Binance dropped from 0.7 BTC to 0.39 BTC.
CryptoQuant analyst Sharif also notes that the seven-day moving average for the supply of Bitcoin in loss has moved below 30%. He adds that such a drop usually precedes a bullish long-term forecast because it signals the end of a sell-off.
However, the accumulation has yet to produce a notable increase in demand. Bitcoin's Apparent Demand dropped to -23,000 BTC, in the negative region.
Bitcoin holds above $81,062 support
The one-week chart shows Bitcoin above support at $81,062 despite the recent increase in selling pressure. The MACD line is rising and remains in the positive region, and the AO bars suggest bullish momentum remains strong.
If demand returns, Bitcoin needs to close above resistance at $87,400 to confirm an uptrend. On the downside, a drop below support at $81,000 could take the price to the 61.8% Fib level of $76,000.
Source: CoinGape
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