Bitcoin declines ahead of CPI data

Bitcoin price performance declines in line with US stocks ahead of classic volatility caused by the US Consumer Price Index data. The cryptocurrency’s price followed analysts’ predictions with mixed action continuing around $19,000 at Tuesday’s Wall Street open. At the time of writing, bitcoin is trading at $18972.

The BTC/USD pair sat at important support ahead of fresh macro triggers. Brief dips below the $19,000 mark the day prior had been short lived, with sellers subsequently returning in an attempt to effect a deeper downtrend.

The largest cryptocurrency thus looked to be waiting for external catalysts to determine the price trajectory, these due to begin in earnest from Oct. 12 with the United States releasing economic performance figures.

As expected, crypto has been driven purely by macro forces. In that regard, all eyes are on the Fed and by extension on CPI print this Thursday, where uncertainty remains high.