Bitcoin Price Outlook: Key Levels & Inflationary Pressures
Recent inflation data has triggered a significant setback for Bitcoin, causing it to breach the crucial Bull Market Support Band. The area around $112,000 is now considered a pivotal resistance level. Until Bitcoin reclaims this mark, any upward movements are likely to be merely technical reactions, often referred to by traders as 'backtests.' These short-term rallies typically confirm old support zones from below, rather than signaling a genuine trend reversal. The current market sentiment paints a rather negative picture. Should Bitcoin fall below its recent low of $107,400, it could trigger a cascade of stop-loss orders, potentially paving the way for a descent towards the $103,000 to $104,500 range. This zone represents the next significant technical support level, which has historically provided a floor for larger market movements. Without a clear stabilization, further downward pressure is a distinct possibility, leaving traders on high alert for potential continued depre…
