Source: Cointelegraph.com NewsKey Takeaways:<\/p>\n
Bitcoin exhibits a bearish breakout from an ascending channel, with the risk of profit-taking near $106,000.
\nA lower-than-expected US Consumer Price Index (CPI) print could boost Bitcoin, but a higher CPI may increase bearish pressure, leading to a price drop below $100,000. <\/p>\n
Bitcoin (BTC) price reached an intraday high of $105,800 on May 12 but posted a 3% dip to $101,400 during the New York trading session. On the lower-time frame (LTF) chart, BTC oscillated between an ascending channel pattern before exhibiting a bearish breakout below the bottom range of the pattern. Source: Cointelegraph.com NewsKey Takeaways: Bitcoin exhibits a bearish breakout from an ascending channel, with the risk of profit-taking near $106,000. A lower-than-expected US Consumer Price Index (CPI) print could boost… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129097"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129097"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129097\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129097"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBitcoin 1-hour chart. Source: Cointelegraph\/TradingViewWith respect to BTC\u2019s stalling bullish momentum, data analytics platform Alphractal noted that BTC re-testing nearing $106,000 resistance levels increased the likelihood of profit-taking risks. As illustrated in the chart, Bitcoin currently approaches the \u201cAlpha Price\u201d zone, where long-term holders or whales could take profits, according to Joao Wedson, CEO of Alphractal.\u00a0
\nBitcoin Alpha Price Levels. Source: X.comFrom a liquidation standpoint, the risk of a “long” squeeze is also elevated, with over $3.4 billion in leveraged long positions at risk of liquidation if prices drop to $100,000. This range could act as a magnet for price, leading to a retest near the psychological level.
\nBitcoin exchange liquidation map. Source: CoinGlassRelated: Bitcoin all-time high cues come as US-China deal sends DXY to 1-month high
\nCPI data looms as Bitcoin traders de-risk
\nThe current BTC correction might reflect traders de-risking ahead of the US Consumer Price Index (CPI) release on May 13. Previously, March\u2019s CPI, released April 10, was 2.4%, down from February\u2019s 2.8%, despite a forecast of 2.5%. April\u2019s CPI is forecasted to remain at 2.4%, due to steady energy prices amid balanced oil production and moderating wage growth, easing pressure on price increases.
\nUS Consumer Price Index data. Source: Investing.comA lower-than-expected CPI (potentially third in a row) could be bullish for Bitcoin, potentially signaling Federal Reserve rate cuts in 2025, boosting risk assets like equities and cryptocurrencies. Conversely, a higher-than-expected CPI could be bearish, raising inflation fears and strengthening the dollar, pressuring BTC.
\nIf bearish pressure persists on BTC charts even after the CPI print, an immediate key area of interest remains between $100,500 and $99,700, a fair value gap (FVG) on the four-hour chart.
\nAnother FVG remains between $98,680 and $97,363, which would represent an 8% correction from the recent highs.
\nBitcoin 4-hour chart. Source: Cointelegraph\/TradingViewRelated: Bitcoin, altcoins poised to rally on US-China tariff agreement
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"