This week, Bitcoin fell from a high of $122,200 to $118,500, a decrease of 2.8%, due to profit-taking selling pressure.
The CME futures market has left a gap between $117,430 and $119,000, which historically Bitcoin often fills, with $117,200 being a key support level.
The market is focused on the upcoming U.S. CPI and PPI data, which could affect the Federal Reserve's interest rate cut expectations (currently an 84.5% probability of a rate cut). If the CPI is below expectations, it would be positive for risk assets like Bitcoin; if above expectations, it could lead to a price drop. Technical indicators show warning signs, with the Coinbase premium index turning negative, suggesting weakened buying in the U.S. market. #CPI数据来袭
The CME futures market has left a gap between $117,430 and $119,000, which historically Bitcoin often fills, with $117,200 being a key support level.
The market is focused on the upcoming U.S. CPI and PPI data, which could affect the Federal Reserve's interest rate cut expectations (currently an 84.5% probability of a rate cut). If the CPI is below expectations, it would be positive for risk assets like Bitcoin; if above expectations, it could lead to a price drop. Technical indicators show warning signs, with the Coinbase premium index turning negative, suggesting weakened buying in the U.S. market. #CPI数据来袭