Bitcoin trader eyes BTC price 'Darth Maul Candle' as CPI set to hit 2-year low

Bitcoin should see classic BTC price volatility around the CPI release, while liquidity remains tightly tied to the spot.< /p> Market Update Join us on social networks

Bitcoin (BTC) rose on July 12 with the key macro event of the week just hours away.

BTC/USD hourly chart. Source: TradingView

CPI set to hit lowest level since March 2021

Data from Cointelegraph Markets Pro and TradingView tracked BTC price momentum as it slowly approached $31,000.

The largest cryptocurrency showed little volatility at the start of the week, with local highs and lows still clearly defined.

#FireCharts shows #Bitcoin asking for liquidity approaching active trading zone, while bid support strengthens.

We expect to see liquidity dwindling at the core of the active trading range by Wednesday morning to pave the way for volatility around the #CPI report.… pic.twitter.com/T4VoXd1CaD — Materials Indicators (@MI_Algos) July 11, 2023

With tight liquidity around the spot price, analysts were hoping for a reshuffle when the June edition of the US Consumer Price Index (CPI) was released.

Roughly expected at around 3.2% - the lowest score since March 2021 - the CPI should show that inflation in the United States continues to slow.

"The Clevelan...