Bitunix Analyst: Bitcoin Consolidates in Liquidity Zone Ahead of CPI Data Release - Market Enters "Stress Test Phase"

On October 24th, Bitcoin was hovering around $110,500. The market is eagerly awaiting the first key inflation report following the U.S. government shutdown. The upcoming Consumer Price Index (CPI) is expected to show inflation rising to over 3%, which will be a crucial test of the Federal Reserve's policy path and market risk sentiment. Bitcoin's price movement exhibits the typical "pre-event liquidity contraction" feature, with significant volatility narrowing before the data release. Settlement Data and Key Price Level Analysis: Coinglass settlement data shows a high overlap of long and short positions in the $109,000-$111,600 range, forming a short-term "liquidity trap." Looking above, the $113,800 and $116,000 areas are key settlement zones. If the CPI data exceeds expectations, these areas could become a "long trap". Conversely, if inflation data cools down, the market may retest liquidity support zones around $107,000 and $104,000. From a technical perspective, the Bitcoin daily chart shows that after retracing from the $126,000 high, its price has failed to reclaim the 0.5 Fibonacci retracement level ($113,900) and is currently consolidating within the 0.382 to 0.236 Fibonacci retracement range. The market is actually awaiting a macro catalyst to determine the next trend direction. Bitunix Analyst View: Bitcoin's current price structure reflects a significantly increased sensitivity to inflation data and policy signals. Leverage positions have gradually decreased, indicating that traders are shifting from "directional bets" to "liquidity preservation". The short-term trend will depend on post-CPI data fund reallocation and immediate reactions in U.S. Treasury yields.