Bitcoin faces an $8,000 trading trap as US midterms approach

Two hot inflation reports in two days resulted in Bitcoin falling below $80,000 on Oct. 15. September CPI accelerated to 3.7% from 3.4% , and producer prices jumped 1.3% on the month, the largest rise since March 2022 and more than double the forecast in most surveys. Can-Luca Köymen, investment strategist at Sygnum, said in a note that the bank's base case is a range-bound move into the midterms. Köymen says options price roughly $80,000 to $87,000 over the coming month, and on-chain cost-basis data draws much the same box. Support sits at $80,000 to $81,500, where the average US spot ETF buyer breaks even, and resistance sits near $88,000, the break-even for buyers from six to 12 months ago.

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