Bitcoin Price Analysis: BTC Inches Higher As Traders Await CPI, PPI Data

Bitcoin (BTC) is up almost 1% during the ongoing session and nearing the key $113,000 resistance level. Traders expect the flagship cryptocurrency to face volatility following the release of the US Consumer Price Index (CPI) and Producer Price Index (PPI) data. 

BTC dipped towards $110,000 after the Bureau of Labor Statistics revised the Current Employment Statistics (CES) national benchmark and removed close to a million jobs. 

DOJ Goes After Bitcoin (BTC) Linked With SIM Swap Scheme 

The United States Department of Justice (DOJ) prosecutors have initiated a civil forfeiture action targeting a specific crypto wallet holding 117 BTC. According to prosecutors, the assets are the proceeds from a series of SIM swap attacks targeting five victims between October 2022 and March 2023. US Attorney Jeanine Ferris Pirro stated that the perpetrators moved the BTC through a maze of wallets before consolidating all the stolen funds into a single account that funded an account on a popular online casino. 

Investigators revealed that the attackers used SIM swaps, bypassing standard security measures to gain control over their target’s mobile number. The stolen numbers allowed them to intercept two-factor authentication codes and log in to the victim’s crypto wallets, transfer assets to accounts under their control. Investigators added that the attackers attempted to hide the origin of the funds by recycling the stolen assets through multiple deposits and withdrawals at the online casino. 

“Many of these transactions were circular in that they eventually returned funds to their original source, and consistent with money laundering utilized to 'clean' proceeds of criminal activity.”

Metaplanet Announces $358 Million Share Offering To Buy BTC 

Japanese hospitality and real-estate group turned Bitcoin treasury company Metaplanet has announced plans to issue 385 million new shares to expand its Bitcoin holdings and related businesses. The company will sell the shares through an international offering outside Japan at 533 yen ($3.75) each. The offering will allow the company to raise 212.9 billion yen ($1.44 billion). The issue price is a 9.9% discount on Metaplanet’s Tuesday closing price of 614 yen. The payment date has been set for September 16, when investors and underwriters will transfer the funds to the company. The new shares will be credited to new investors on September 17. 

Metaplanet stated the funds will be used to purchase additional Bitcoin between September and October. The company plans to use BTC as a hedge against the depreciation of the Japanese yen and expand its Bitcoin income-generating business. Metaplanet’s latest move comes after a series of purchases that have made it one of the largest corporate holders of Bitcoin, with 20,137 BTC on its books. The company’s stock surged over 150% in the past year thanks to its Bitcoin strategy. However, shares traded in Japan have fallen sharply in recent months. 

Bitcoin Treasury Firms Under Pressure 

Metaplanet’s Bitcoin strategy has encountered headwinds after an initial burst of enthusiasm. The slowdown has forced the company to seek fresh funding sources from global markets. This is one of the primary reasons behind its latest share issuance. Analysts have warned that declining premiums could induce volatility for Bitcoin treasury companies, such as Metaplanet. The premium gap is the difference between a Bitcoin treasury firm’s share price and its net asset value (NAV). Public Bitcoin treasury companies hold over 1 million BTC, and have also begun expanding into ETH. 

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has made a strong bounce during the ongoing session and has crossed the key $113,000 level. The flagship cryptocurrency is up over 1%, trading around $113,150. A decisive close above this level could signal a potential rally ahead. However, the upcoming release of the US Producer Price Index (PPI) and Consumer Price Index (CPI) data could introduce fresh volatility into BTC’s price action. 

BTC has registered a notable decline in selling pressure this week, creating higher lows since Sunday’s low of $110,200. A weak US employment report on Friday indicated a softening labor market, with markets pricing in three interest rate cuts by the Federal Reserve by the end of the year. Meanwhile, the US Bureau of Labor Statistics (BLS) reported that a preliminary revision of the Current Employment Statistics (CES) national benchmark to total nonfarm employment was -911,000 for the 12 months through March 2025. 

The CME Group FedWatch tool is showing a 91.8% possibility of a 25 bps rate cut by the Fed in September’s meeting. There is also a small possibility of a 50 bps rate cut. A rate cut could boost risk appetite and boost recovery in assets like BTC. A federal judge has also blocked President Trump from removing Federal Reserve governor Lisa Cook, further easing market concerns. 

BTC registered a sharp drop on Friday (August 29), dropping nearly 4% to $108,378. The price recovered on Saturday, rising 0.41%, but was back in the red on Sunday, falling 0.53% to settle at 108,247. Price action was positive on Monday as BTC rose almost 1% to cross $109,000 and settle at $109,240. Bullish sentiment intensified on Tuesday as the price rallied, increasing 1.84% to cross $111,000 and settling at $111,247. BTC posted a marginal increase on Wednesday, rising 0.46% to $111,756.

Source: TradingView

Despite the positive sentiment, BTC lost momentum on Thursday, dropping to an intraday low of $109,321 before settling at $110,720. The price rallied to an intraday high of $113,390 on Friday but could not stay at this level. As a result, it fell to $110,670, ultimately registering a marginal decline. Price action was mixed over the weekend, with BTC falling 0.41% on Saturday and settling at $110,212. It recovered on Sunday, rising nearly 1% to reclaim $111,000 and settle at $111,129. Buyers retained control on Monday as BTC reached an intraday high of $112,940. However, it could not stay at this level and fell to $112,072, ultimately rising 0.85%. BTC lost momentum on Thursday, dropping 0.47% to $111,549. BTC has rallied during the ongoing session, with the price up nearly 2%, trading around $113,282.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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