Bitcoin is looking weak, but is holding strong around $19.0K exactly. We have been holding a narrow range around this level all week, with green and red triangles on the KRI around the highs and lows of range, respectively, to provide confirmation of consolidation of volatility. The entire markets are hinging on this CPI print, and crypto is no different. If CPI comes out hot, then this will confirm the Fed's hawkish stance and the markets will likely reel back yet again. A cooler print may indicate a peak in decades high persistent inflation that will give the markets the green light to rally. If so, $19.5K is the next target, but we do not anticipate much more momentum after that, with $20K a likely ceiling. If we reject current levels then $18.6K is likely to provide support with $17.6K a likely floor.
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