The setup is loaded:

→ CPI expected at 3.4%, and the last TWO prints both sent Bitcoin higher
→ September hike odds are fading after weak jobs data. Softer CPI buries them
→ BTC has been stuck under the 50-month EMA since June, $62K holding as support
→ $1.1B just flowed into crypto ETFs while volatility sits at historic lows

Compressed volatility + loaded catalyst + exhausted sellers. This is the kind of day summer sideways action ends on.

Or it prints hot and we test $62K. Either way, the boring part might be over today 🫡