Bitcoin trades sideways near $63,000 amid market anticipation of U.S. CPI

Bitcoin has been trading sideways around the $63,000 to $64,000 range as the market awaits the release of U.S. Consumer Price Index (CPI) data. While spot Bitcoin ETFs continue to see significant capital inflows, price gains are being offset by selling pressure from mining companies and corporate holders, including MicroStrategy.

Market volatility has led to substantial liquidations, with approximately $171 million in positions wiped out across the digital asset market, the majority of which were long positions. The Fear and Greed Index has trended downward to the 27-29 range, indicating a state of “fear” among investors.

While Bitcoin and Ethereum have shown slight stability or minor gains, the broader altcoin market has seen mixed results. Investors are closely monitoring inflation data, as a slowdown in price increases could influence the Federal Reserve's interest rate decisions and potentially boost risk asset sentiment.