Tonight's CPI data is indeed a key inflection point, especially with the current sensitivity of market sentiment.

If CPI is below expectations → Inflation pressures ease, and the market may interpret this as the Federal Reserve having more reason to cut interest rates, potentially leading to a short-term rally in both U.S. stocks and cryptocurrencies, with sentiment quickly warming.

If CPI is above expectations → The market may worry about a delay in interest rate cuts, leading to short-term fluctuations or even a rapid decline, giving bears an opportunity to voice their concerns.

If CPI meets expectations → The reaction may be relatively muted, with the market focusing more on the next catalyst (such as the Federal Reserve meeting, PPI data, etc.)

There will definitely be volatility, but the direction may not become clear immediately, especially in the first few minutes after the data is released. Short-term players should be cautious of false breakouts and false pullbacks, which could lead to a "double kill" situation for both bears and bulls.