Bitcoin market prepares for Shockwave release of CPI data, but rebound hopes to grow
Bitcoin’s market dynamics may see a significant shift in the wake of the release of the U.S. Consumer Price Index (CPI) data. and US CPI data release Bitcoin may trigger volatility in the general cryptocurrency market and can still be seen rising again.
Bitcoin transition to an upward transition?
NegentRopic, Marketing Expert, Co-founder of the Chain Chain Data Platform Glass Festival in X Post In-depth research The consequences of Bitcoin’s price action after the release of US CPI data.
Experts point out the potential Bitcoin Experience price recovery in the event of increased volatility expected to trigger. “Today's U.S. CPI release will bring volatility to the market. “There is a higher number expected, but any surprises may shake.” ”
US CPI data reports have historically led to rapid market responses as investors assess inflation patterns and how they affect Federal Reserve Policy. Even if uncertainty may exist in the near term, the overall market structure of BTC appears to be intact, and experts have identified key support levels that may contribute to the rebound.
at present, The price of Bitcoin Stay strong at the $95,000 level. However, NegentRopic stressed that further drops to the $94,000 and $92,000 price range will allow assets to capture liquidity.
If the move is expected, Bitcoin could prove that the bullish trend reverses to the $97,000 and $98,500 thresholds. According to analysts, BTC must reclaim this price range before it can gather into the $100,000 milestone.
Experienced experts seem to be confident that BTC will rise to $100,000 in the near term. A key Factor backup His belief is a change in the regime. The indicator suggests that the asset may have found its bottom before the rally, reaching $100,000.
Additionally, NegentRopic noted that even if the $95,000 level was retested, the Phoppy Price action will continue to exist in the days to come. However, he claims that BTC may consolidate its migration to the bullish quadrant as long as the region remains largely supported.
Selling pressure hinders BTC's upward movement
although BTC Working to increase to the $100,000 level, assets may face challenges such as strong sales pressure. Market intelligence platform intotheblock Report Previously, 1.6 million addresses that purchased 1.57 million BTC for $97,200 for $1.57 million are building some level of resistance.
As Bitcoin’s price trading below level, these holders are currently in a loss state, which could lead them to sell their coins close to the profit point. As market uncertainty is rising, developments may lead to Sales pressure is increasingthereby complicating any clear breakthroughs in BTC.
Featured images from Unsplash, charts from TradingView.com
