Bitcoin faces an $8,000 trading trap as US midterms approach
Two hot inflation reports in two days resulted in Bitcoin falling below $80,000 on Oct. 15. Related Asset Bitcoin #1 BTC · $81,996.40 24-hour change: up 0.97% Loading price history… 24H Up 0.97% 7D Down 0.72% 30D Up 8.03% September CPI accelerated to 3.7% from 3.4%, and producer prices jumped 1.3% on the month, the largest rise since March 2022 and more than double the forecast in most surveys. Can-Luca Köymen, investment strategist at Sygnum, said in a note that the banks base case is a range-bound move into the midterms. Köymen says options price roughly $80,000 to $87,000 over the coming month, and on-chain cost-basis data draws much the same box. Support sits at $80,000 to $81,500, where the average US spot ETF buyer breaks even, and resistance sits near $88,000, the break-even for buyers from six to 12 months ago. Below $80,000, the next floor is around $78,000, the average cost basis of active investors. Glassnodes Oct. 14 report estimates the aggregate cost basis of Bitcoin held by US spot ETFs near $81,500, which describes the funds aggregate holdings, a measure separate from each shareholders personal entry price. Related Company Glassnode On-chain analytics platform It puts the six-to-12-month cohorts cost basis near $88,000 and the True









