Bitcoin price action experienced a brief relief following a lower-than-expected US Consumer Price Index (CPI) inflation of 2.8% for January, but this was short-lived as the market faced a traditional sell-off from Wall Street. BTC/USD reached highs of $84,437 before falling back to $82,400. Analysts noted a cautious optimism about Bitcoin's performance, with the price attempting to exit a contested area known as the CME Gap. However, institutional caution was evident as Bitcoin ETFs saw net outflows of $153.87 million, predominantly led by Grayscale's Bitcoin Trust which sold 641 BTC. The data suggested potential support around $82,000 but indicated a bearish trend in institutional investment. The CPI print may influence the Federal Reserve's interest rate decisions in the coming week, further impacting market volatility.

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