• Bitcoin price is flashing bullish signals ahead of the fresh CPI rates which are to be rolled out in some time.
• The price has formed an inverted head & shoulder pattern in the hourly chart, flashing the possibility of a breakout in the next couple of hours.
• A push beyond these levels may trigger a larger price action in the long term, smashing the dominance of bears to a large extent.
US CPI Collides with First Weekly Bitcoin Death Cross
Bitcoin’s historic weekly death cross happened during early trading hours, but its impact on prices was minimal and BTC continued to trade within a narrow range. As fresh CPI rates are set to roll out soon, Bitcoin appears ready for a big move as it trades at decisive phase.
BTC Price Analysis
BTC has been trading along the lower trend line and broke down from 200-day MA levels last week. Now it appears ready for a potential bullish breakout from consolidation if there is enough impetus from upcoming CPI data. An inverted head & shoulder pattern has been seen on hourly chart, indicating possible strong upside momentum ahead. The crucial resistance level lies at 200-day MA at $22,600 which must be broken for further upside movement in long term.
Potential Bullish Breakout
The current market conditions suggest that BTC may see a major bullish breakout once fresh CPI data is released and investors start buying into this asset class again. If this happens then Bitcoin can potentially move higher compared to present levels and possibly break above key resistance levels as well.
Impact on Bears
If bulls take control of BTC prices then bearish forces will have limited influence over price movements and their dominance could reduce significantly as investors become more confident about investing in this asset class once more.
The upcoming CPI data will be critical for determining how far up or down BTC prices might go in the near future. If bulls manage to break through key resistances then we could see some significant gains in coming days or weeks depending on market sentiment at that time.