Key Points:
BTC retraced to nearly $106,000, while gold struggled to find support after suffering significant intraday losses.
BTC prices continued to engage in low time frame liquidity games after failing to hold higher support levels.
The start of the CPI data week began to exert pressure on cryptocurrencies and risk assets.
BTC maintained around the $108,000 level after Wall Street opened on Wednesday, while gold sought new lows.
Data from Cointelegraph Markets Pro and TradingView showed that BTC prices fluctuated after hitting $106,100 earlier in the day.
Attempts to break through higher resistance levels ended in failure, with market commentators warning of a potential retest of $100,000 or even lower levels.
The strong rebound of the dollar added to the challenges for BTC bulls, although at the time of writing, the dollar index (DXY) had eased.
Meanwhile, gold faced the risk of losing the $4,000 support, continuing to fall rapidly from historical highs.
Cryptocurrency trader Roman stated on the X platform: "To reiterate, the only reason we are rising is due to the drop in gold," referring to the local high above $114,000.
Monitoring resource CoinGlass indicated that buying liquidity below $107,000 was increasing, while prices were attacking new sell orders just above.
Trader Daan Crypto Trades further analyzed: "This is a key area before retesting Friday's lows, and prices are unlikely to go far below this level."
Daan Crypto Trades noted that prices had filled the latest weekend "gap" in the CME Group Bitcoin futures market.
He added: "The CME gap has closed, and a decent rebound has occurred in the short term, but price action is very chaotic. This is indeed the season of 'everything is over, and we return to normal,' characterized by very volatile, illiquid, and erratic price movements."
Ahead of the first major macroeconomic data release following the U.S. government shutdown, the risk asset market remained under pressure.
The September Consumer Price Index (CPI) report, scheduled for release on Friday, will serve as the sole reference for the Federal Reserve's interest rate adjustment decisions.
"All other economic data releases will remain frozen until the shutdown ends. This makes the CPI a key indicator influencing next week's policy tone and market reactions," trading firm QCP Capital noted in its latest "Asia Market Watch" report.
QCP predicts that any weakness in the dollar index (DXY) will support BTC investors' "buying on dips" strategy.
Related: Standard Chartered: $19 billion market crash paves the way for Bitcoin (BTC) to hit $200,000
This article does not contain any investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Original article: “Market Focus Shifts to Friday's Key CPI Data Release, Bitcoin (BTC) Fills $107K CME Gap”
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