"Bitcoin is trading around $109,000, holding in what analysts at QCP Capital call a "narrow-range equilibrium" ahead of Friday's U.S. Consumer Price Index (CPI) release - one of the few data points unaffected by the ongoing U.S. government shutdown. QCP described the CPI as a "singular anchor" for policy expectations, with a soft 0.2% increase potentially boosting risk assets and improving liquidity sentiment. Until then, markets remain frozen in place, caught between cautious optimism and profit-taking."
"Bitcoin has drifted lower since hitting a record high above $126,000 on Oct. 6, shedding momentum as traders digest mixed macro signals. "The bull run is over," warned John Glover per Yahoo Finance, who believes the market has entered a bear phase that could extend into late 2026. Glover expects prices to retrace toward $70,000-$80,000, though he acknowledged short-term rebounds toward $124,000 remain possible."
"Others see the move as a healthy reset. VanEck's ChainCheck report called the pullback a "liquidity-driven mid-cycle adjustment," not a full-blown bear market. The firm pointed to normalized leverage, steady on-chain activity, and Bitcoin's growing role as a hedge against fiat debasement. Analysts Matthew Sigel and Nathan Frankovitz noted that global liquidity - measured through M2 money supply - still explains more than half of Bitcoin's price movements, underscoring its macro sensitivity."
Bitcoin trades near $109,000 in a narrow-range equilibrium ahead of the U.S. CPI release. QCP describes the CPI as a "singular anchor," saying a soft 0.2% rise could boost risk assets and liquidity. Markets are largely frozen between cautious optimism and profit-taking until the data arrives. Bitcoin has pulled back from an Oct. 6 record above $126,000 as traders weigh mixed macro signals. Some warn of a bear retrace toward $70,000–$80,000, while VanEck calls the move a "liquidity-driven mid-cycle adjustment" rather than a full bear. Analysts link much of Bitcoin's price action to global liquidity (M2), note futures open interest has normalized from a $52 billion peak, and cite Asian liquidity tightening as a factor in the October drawdown.
Read at Bitcoin Magazine
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