Bitcoin faces short-term bearish pressure at $66,628 ahead of the U.S. Consumer Price Index (CPI) report. Analysts suggest that if key support holds, the cryptocurrency could target prices between $86,600 and $115,040. Technical indicators, however, signal ongoing selling pressure.
Bitcoin is experiencing short-term selling pressure, trading at $66,628 and down 0.57% in 24 hours amid caution before the U.S. inflation data release. According to data from CoinMarketCap, its market capitalization is $1.33 trillion.
Crypto analyst More Crypto Online posted that the market may be positioning for a bigger upmove, possibly an ABC corrective pattern. “Bitcoin may target a price range of $86,600 to $115,040” if support zones hold on lower timeframes.
The impending CPI report may greatly affect market trading behavior today. A deviation from expectations could cause significant volatility across the market.
Technical indicators currently show bearish momentum. The Relative Strength Index is at 27.25, and Bitcoin is trading below its major simple moving averages.
The Moving Average Convergence Divergence (MACD) indicator also signals bearish momentum. Without an increase in buying pressure, the trends suggest further downside is possible.
