The anticipation surrounding the U.S. Consumer Price Index (CPI) data release has been a significant driver of Bitcoin's price movement today. The cryptocurrency market is showing signs of recovery, with Bitcoin rebounding past the $97,000 mark. Analysts attribute this to softer-than-expected inflation data, which has paused the recent surge in U.S. Treasury bond yields and boosted investor appetite for riskier assets like Bitcoin. However, the market remains cautious as traders await the CPI data, which could introduce volatility. The stablecoin supply has stalled, indicating a lack of fresh capital inflows, posing a risk to the sustainability of Bitcoin's recent gains.
The Proshares Ultrashort Bitcoin ETF (SBIT) experienced a slight decline, dropping 0.65% to $10.70 at 5:20 AM on Wednesday, January 15.