Bitcoin has recently failed to challenge the downward trend line again. The price has been falling since last Thursday, and the decline of other altcoins seems to be more obvious.

In addition, there is a special day this week. The global investment market is watching two major events: "Consumer Price Index (CPI)" and "Federal Reserve Interest Rate Decision", both of which will be announced this Wednesday. Judging from the current situation, both the US stock market and the cryptocurrency market may have considerable fluctuations.

The annual growth rate of CPI was 3.4% last time, and the market expectation is also 3.4% this time. The annual growth rate of core CPI was 3.6% last time, and the expectation this time is slightly lower, at 3.5%. As for the interest rate decision, FedWatch Tool shows a 99% probability that the Federal Reserve will maintain the benchmark interest rate range at 5.25% to 5.5%.

Andrew Tyler, head of US market intelligence at JPMorgan Chase's trading department, mentioned in the report that the S&P 500 index is expected to fluctuate in both directions by 1.3% to 1.4% before Friday. This volatility is predicted based on the price of at-the-money straddle options expiring on the same day, showing that the game between long and short sides of the market is very intense. Moreover, most of the volatility is expected to occur after the CPI data report and the Federal Reserve's interest rate decision are announced.