BTC: RETESTING AFTER THE BREAKOUT!!
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Welcome to this quick BTC update.
Bitcoin (BTC) is currently testing the support level of the symmetrical triangle it recently attempted to break out of.
Here's what we're watching:
Retest of Triangle: If BTC holds the support level of the triangle, it could indicate another attempt at a breakout.
60k Resistance: A clean break and close above the
59K-60k resistance level would be a bullish signal, potentially leading to a price increase towards 62k.
Impact of CPI Data (Today):
The release of the Consumer Price Index (CPI) data today could influence market sentiment and potentially impact BTC's price.
Possible Scenarios:
A higher-than-expected CPI reading could indicate rising inflation and lead to a risk-off sentiment, potentially causing BTC's price to drop.
A lower-than-expected CPI reading could be seen as positive news, potentially boosting risk appetite and leading to a rise in BTC's price.
Looking Ahead:
The outcome of the retest and the CPI data release might favor bulls, and we might see a good pump up to the 62k level.
What are your thoughts on BTC's current price action? What are you watching from the CPI data? Share your analysis in the comments below!
If you're enjoying this analysis, a thumbs up and follow would be greatly appreciated!
Welcome to this quick BTC update.
Bitcoin (BTC) is currently testing the support level of the symmetrical triangle it recently attempted to break out of.
Here's what we're watching:
Retest of Triangle: If BTC holds the support level of the triangle, it could indicate another attempt at a breakout.
60k Resistance: A clean break and close above the
59K-60k resistance level would be a bullish signal, potentially leading to a price increase towards 62k.Impact of CPI Data (Today):
The release of the Consumer Price Index (CPI) data today could influence market sentiment and potentially impact BTC's price.
Possible Scenarios:
A higher-than-expected CPI reading could indicate rising inflation and lead to a risk-off sentiment, potentially causing BTC's price to drop.
A lower-than-expected CPI reading could be seen as positive news, potentially boosting risk appetite and leading to a rise in BTC's price.
Looking Ahead:
The outcome of the retest and the CPI data release might favor bulls, and we might see a good pump up to the 62k level.
What are your thoughts on BTC's current price action? What are you watching from the CPI data? Share your analysis in the comments below!
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