#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
BTC91,440 € reached an intraday high of 105,800 dollars on May 12, but recorded a 3% drop to 101,400 dollars during the trading session in New York. On the low 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 the resistance levels of 106,000 dollars increased the probability 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. From a liquidation perspective, the risk of a long position “squeeze” is also high, with over 3.4 billion dollars in leveraged long positions at risk of liquidation if prices fall to 100,000 dollars. This range could act as a magnet for the price, leading to a re-test near the psychological level.
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
BTC91,440 € reached an intraday high of 105,800 dollars on May 12, but recorded a 3% drop to 101,400 dollars during the trading session in New York. On the low 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 the resistance levels of 106,000 dollars increased the probability 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. From a liquidation perspective, the risk of a long position “squeeze” is also high, with over 3.4 billion dollars in leveraged long positions at risk of liquidation if prices fall to 100,000 dollars. This range could act as a magnet for the price, leading to a re-test near the psychological level.