Bitcoin (BTC<\/a>) traded nearer $17,000 on Jan. 7 after the end of the year\u2019s first trading week delivered a spike higher.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it briefly passed the $17,000 mark the day prior. <\/p>\n The pair had seen flash volatility<\/a> on the back of fresh economic data from the United States, this nonetheless fading to leave the key level \u201cunflipped\u201d as resistance.<\/p>\n Nonetheless, the brief uptick delivered Bitcoin\u2019s highest price point since Dec. 20, 2022.<\/p>\n Reacting, market participants continued to look to next week\u2019s Consumer Price Index (CPI) print as a key potential catalyst for risk assets.<\/p>\n \u201cUnemployment will rally in the coming months. Yields will fall of a cliff if CPI is low,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, wrote<\/a> in part of a summary tweet on Jan. 6. <\/p>\n \u201cRelief rally is close.\u201d<\/p><\/blockquote>\n \u201cFinally looks like BTC is ready to break out of the $16K – $17K base range it\u2019s been stuck in the past several weeks. Initiate the squeeze,\u201d hopeful trader Kaleo continued<\/a>.<\/p>\n Should the CPI data show inflation decreasing quicker than expected, meanwhile, it could provide fuel for a trip to multi-month highs near $19,000, futures trader Satoshi Flipper added<\/a>.<\/p>\n Zooming out, fellow trader and analyst Rekt Capital joined the growing consensus<\/a> over the current narrow trading range on BTC\/USD forming the next macro bottom zone.<\/p>\n Related:\u00a0$16.8K Bitcoin now trades further below this key trendline than ever<\/a><\/em><\/strong><\/p>\n \u201cThe current BTC price action will likely figure as an important cluster in the formation of the Bear Market bottom Accumulation Range,\u201d he determined<\/a>.<\/p>\n In a further demonstration of the pain already being endured by hodlers, on-chain analytics firm Glassnode showed that Bitcoin has seen its second-largest realized cap drawdown.<\/p>\n Realized cap describes the aggregate price at which the BTC supply last moved, and its decrease reflects realized losses from selling.<\/p>\n “The 2022-23 Bitcoin Bear Market has seen the Realized cap drawdown by -18.8%, the second largest in history, and eclipsed only by the pico-bottom of the 2011 bear,” Checkmate, Glassnode’s lead on-chain analyst, commented<\/a> alongside a chart.\u00a0 <\/p>\n “Investors have weathered a total of $88 Billion in Net Realized losses.”<\/p><\/blockquote>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/894d9216-e1e3-4b83-ab1a-0fac6885545c.png\")
All eyes on CPI<\/h2>\n
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Data reveals extent of on-chain losses<\/h2>\n
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