Tonight, the key focus for CPI isn’t the headline number, but the core CPI. The most likely scenario: Overall CPI might soften due to a drop in gasoline prices, and the market’s initial reaction will be to trade on “eased inflation pressure.” But what truly determines the sustainability of the trend is the core CPI. If core CPI only meets expectations, it means the stickiness in service inflation, housing, and wages is still there, and the Fed will find it hard to immediately turn dovish based on this data alone. Only if core CPI comes in significantly below expectations will the market be more likely to reignite rate cut speculation, pushing rate cut expectations forward, and giving risk assets stronger upward momentum. So here’s my take: If overall CPI drops as expected and core CPI meets expectations, $BTC will likely see a short-term pump, but then continue to consolidate.