Key points:
Bitcoin refuses to budge from a narrow range as traders consider the likely breakout direction.
Price discovery is keenly awaited, but downside predictions include levels further toward $90,000.
BTC/USD has delivered highly patterned moves since its rebound began in April.
Bitcoin (BTC) kept traders guessing at the May 16 Wall Street open as consolidation sparked both bullish and bearish forecasts.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView“Significant” liquidity builds around BTC price
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shuttling between $103,000 and $104,000 on the day.
Despite beating expectations, the latest US macroeconomic data in the form of the Consumer Price Index (CPI) and Producer Price Index (PPI) prints on May 13 and 15, respectively, failed to exert a strong influence on short-term price behavior.
Instead, traders focused on Bitcoin’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/here-is-why-bitcoin-price-is-stuck-below-105-k" rel="" target="_self"