BTC traders trim bullish bets ahead of U.S. inflation data

Traders are reducing bullish bets as Bitcoin pulls back to the $80,000 level, CoinDesk reported. Call-option skew has continued to weaken after early-week softness, according to trading platform OrderX, indicating traders are dialing back bullish positioning ahead of inflation data. The market expects August U.S. producer price index data to show a 0.4% month-on-month increase and a 5.3% year-on-year gain, while the probability of a Federal Reserve rate hike next week stands above 60%, according to CME FedWatch.