#CryptoRegulation
Bitcoin exhibits a bearish breakout from an ascending channel, with the risk of profit-taking near 106,000 dollars.
A lower than expected U.S. Consumer Price Index (CPI) could boost Bitcoin, but a higher CPI may increase bearish pressure, leading to a price drop below 100,000 dollars.
The price of Bitcoin BTC
91,440 € reached an intraday high of 105,800 dollars on May 12, but recorded a 3% drop to 101,400 dollars during the New York trading session. In the lower time frame (LTF) chart, BTC oscillated within an ascending channel pattern before showing a bearish breakout below the lower range of the pattern. Regarding the stagnation of BTC's bullish momentum, the data analysis platform Alphractal noted that the re-test of BTC near resistance levels of 106,000 dollars increased the likelihood of profit-taking risks. As illustrated in the chart, Bitcoin is currently approaching the “Alpha Price” zone, where long-term holders or whales could take profits, according to Joao Wedson, CEO of Alphractal.
Bitcoin exhibits a bearish breakout from an ascending channel, with the risk of profit-taking near 106,000 dollars.
A lower than expected U.S. Consumer Price Index (CPI) could boost Bitcoin, but a higher CPI may increase bearish pressure, leading to a price drop below 100,000 dollars.
The price of Bitcoin BTC
91,440 € reached an intraday high of 105,800 dollars on May 12, but recorded a 3% drop to 101,400 dollars during the New York trading session. In the lower time frame (LTF) chart, BTC oscillated within an ascending channel pattern before showing a bearish breakout below the lower range of the pattern. Regarding the stagnation of BTC's bullish momentum, the data analysis platform Alphractal noted that the re-test of BTC near resistance levels of 106,000 dollars increased the likelihood of profit-taking risks. As illustrated in the chart, Bitcoin is currently approaching the “Alpha Price” zone, where long-term holders or whales could take profits, according to Joao Wedson, CEO of Alphractal.