CPI data is bearish for BTC in the short term. Pay close attention to the $80,000 level! Hot CPI inflation data indicates that price pressures remain elevated. The market is concerned that the Fed may delay rate cuts or even start discussing rate hikes again, causing Treasury yields to rise and putting downward pressure on BTC. My view: short-term downside risk outweighs upside opportunities.
Watch $80,000 first. If it breaks, BTC may continue to move lower.
Watch $82,000. If BTC reclaims and holds above this level, it would indicate that selling pressure is easing and there may be an opportunity for a rebound.
Watch tonight’s U.S. PPI results.#BTC #cpi