The anticipation of a potential rate hike from the Bank of Japan (BoJ) and the recent U.S. Consumer Price Index (CPI) data are key factors influencing Bitcoin's price movement today. With a 90% chance of a BoJ rate hike on January 24, investors are trading cautiously, preparing for possible sell-offs similar to those seen in previous rate hikes. The initial boost in Bitcoin's price from slower-than-expected core inflation in the U.S. CPI data has faded as traders await further economic indicators. Additionally, the upcoming U.S. retail sales data and political events, such as Donald Trump's inauguration, are contributing to a more conservative trading approach among investors.
The ProShares UltraShort Bitcoin ETF (SBIT) has seen a slight increase, rising 0.30% to $10.13 as of 11:00 AM on Thursday, January 16.