• Bitcoin remains stagnant at $118,574 as traders await CPI data, which may drive Fed rate-cut speculations.
• BTC price stability persists, but the market is cautious, with the US-China tariff truce offering relief.
• Institutional interest in Bitcoin strengthens, with $403.88 million ETF inflows, boosting price potential.

The price of Bitcoin (BTC) remains stagnant at the moment at around 118,574 and is experiencing a stalled rebound effort after attempting to break past the resistance mark of 120,000.

The market participants are watching as the US Consumer Price Index (CPI) statistics will be released and bring fresh data on the rate-cutting course of the Federal Reserve (Fed). This information might cause fluctuations in the Bitcoin price in the nearest future.

Source: CoinMarketCap

The traders of BTC are looking forward to the publication of the CPI data to develop the expectations concerning the future reduction of rates. Such rate-cut speculations might play a major role in BTC, and volatility could be observed depending on the result of such data. All movements in the stance of the Fed will be closely observed by the market.

Also Read: Bitcoin ($BTC) Eyes New All-Time High: Is $133,000 the Next Stop?

Bitcoin Stabilizes Ahead of CPI Data and Tariff News

The price activity of BTC has been conservative before the issuance of the CPI. The token has displayed certain signs of stability, but the market is still reluctant. Besides the economic data, there has also been some optimism on news of the extension of the US and China tariff truce. This truce is now to extend to the 10th of November, with China relaxing restrictions on export to US firms by 90 days. This news has been a relief to markets, even to BTC .

Technically, BTC is retesting a crucial trend line, a break above which it has previously experienced. Daan Crypto Trades highlighted that the 4-hour 200MA/EMA is marginally below the current price level. 

Source: X

This may show that there is a possibility of BTC receiving support in case the price drops deeper. However, there is also the trader’s concern of another CME gap at about 117,000 that can present an opportunity to open new long positions.

Institutional Inflows Boost BTC’s Rally Potential

The price action of BTC is backed by an institutional interest in the cryptocurrency. SoSoValue data shows that there were inflows of $403.88 million into the spot Exchange Traded Fund (ETF) of Bitcoin on Monday. 

Source: SoSo Value

It is the third day of positive inflows since Aug. 6. Provided that such inflows exist and are sustained, the Bitcoin may exceed its record price of $123,218. The current attention by the institutions might maintain the required impetus to make the price of BTC leap.

Failing and closing above the resistance level of $120,000 would imply that Bitcoin might be embarking on a robust rally. This would probably drive BTC to its next all-time high (ATH) and the next important target would be $125,000. The potential scenario is that a successful breakout would place BTC in the price discovery mode, which would give way to new highs.

At the moment, traders are awaiting key CPI data, with Bitcoin trading at around its current price of approximately $118,574. A possible move by BTC is subject to an impending CPI report that can have dramatic effects on the asset.

Once it breaks the price of $120,000, there are chances that it can set an avenue to raise the price even higher and get to a level of a new record. The market is concentrated on economic information and increasing institutional appeal.

Also Read: Bitcoin Breaks $122,000, Is a $250,000 Explosion Coming in 2025?