Bitcoin fell to multi-day lows on Wednesday as markets awaited the latest U.S. inflation data.

BTC/USD was trading at $22,668 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView, the lowest since 5th August.

Bullish momentum had dwindled the day before as trader focus was on the Consumer Price Index (CPI) figures. 

“CPI prints have been pretty pivotal for BTC price action,” Blockware lead insights analyst William Clemente said on Twitter, going on to add that CPI would be a “big day” for crypto. 

On Wednesday, Bitcoin’s price action remained within a familiar range, Cointelegraph reports, with the classic support and resistance levels still prevalent. 

Should the CPI exceed the consensus forecast for an 8.7% rise, assets on traditional and digital markets could potentially decline in price, on forecasts of another interest rate hike following the Federal Open Market Committee meeting next month, CoinDesk reports.

However, if the inflation rate falls below expectations, the chance for a 75-basis point hike would likely fall and cryptocurrency markets will react positively.

At the time of writing, the BTC price was around the $23,000 mark after declining more than $1,000 the day before.

According to Daan Crypto Trades, $24,300 is a crucial level to break and hold to enable the world’s largest cryptocurrency to “fly,” with $21,000 a possible target in the event of a breakdown. 

Furthermore, on-chain monitoring resource Whalemap looked at the buying and selling action of so-called Bitcoin whales. “$BTC is back to the whale accumulation area,” according to the team on Tuesday.

“Prices where whales accumulate usually act as support or resistance for price action of Bitcoin. Question is, will we get a bounce again or go deeper.”