After a major five-week run that took its price nearly 40% higher, bitcoin (BTC) has stalled for the past several days around the $37,000 area. To the extent that enthusiasm around possible approval of a spot bitcoin ETF has run out of some fuel, bulls might be looking to Tuesday’s Consumer Price Index (CPI) as a fresh catalyst higher.
Economists expect monthly headline CPI in October to have slowed to 0.1% from 0.4% in September. Year-over-year CPI is anticipated to have fallen to 3.3% from 3.7%. The core CPI, which strips out food and energy costs, is expected to have remained flat from September – 0.3% monthly and 4.1% year-over-year.