Bitcoin is waiting for direction from upcoming U.S. inflation data and bond market movements. The Consumer Price Index (CPI) report, due Thursday, will likely show a modest increase in living costs, indicating progress toward the Fed's inflation target. If the data meets expectations, it could pave the way for Fed rate cuts, which are seen as favorable for assets like Bitcoin.

Investors are closely watching how the bond market reacts, especially the yield curve. A potential "bull steepening" of the curve, where short-term yields rise faster than long-term ones, could signal economic concerns and impact asset performance, including Bitcoin.

Overall, the market anticipates these developments to shape Bitcoin's near-term trajectory, influencing investor sentiment and price trends.

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