Key Takeaways:
Bitcoin exhibits a bearish breakout from an ascending channel, with the risk of profit-taking near $106,000.
A lower-than-expected US Consumer Price Index (CPI) print could boost Bitcoin, but a higher CPI may increase bearish pressure, leading to a price drop below $100,000.
Bitcoin (BTC) price reached an intraday high of $105,800 on May 12 but posted a 3% dip to $101,400 during the New York trading session. On the lower-time frame (LTF) chart, BTC oscillated between an ascending channel pattern before exhibiting a bearish breakout below the bottom range of the pattern.
Bitcoin 1-hour chart. Source: Cointelegraph/TradingView
With respect to BTC’s stalling bullish momentum, data analytics platform Alphractal noted that BTC re-testing nearing $106,000 resistance levels increased the likelihood of profit-taking risks. As illustrated in the chart, Bitcoin currently approaches the “Alpha Price” zone, where long-term holders or whales could