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The Bitcoin price slid 2% in the last 24 hours to trade at $119,088 as of 10:37 p.m. EST as investors sell some of their holdings in the crypto.
That dip in the BTC price comes ahead of the US Consumer Price Index (CPI) data release later today at 8:30 a.m. ET. Today’s report is expected to show that inflation accelerated amid pressures from US President Donald Trump’s tariffs.
Bitcoin Price Trades In A Positive Channel, Now Looks To Flip Resistance
Daily chart for WBTC/USD (Source: GeckoTerminal)
The Bitcoin price has been trading in a positive channel over the last week, data from GeckoTerminal shows. While BTC was able to briefly break out above the ascending channel, bears were quick to force the leading crypto’s price back down.
Despite bears trying to keep the Bitcoin price down, the crypto is now attempting to flip the resistance level at $119,466 into support. Overcoming this obstacle could give the crypto the foundation needed to continue trading in the bullish range and potentially soar to as high as $124,336 in the short term if the bullish pressure persists.
However, a rejection from the $119,466 resistance level might invalidate the bullish thesis. In this alternative case, traders might be prompted to reduce their exposure to any potential downside risk. This could then have a cascading effect and lead to overwhelming sell pressure.
If bulls are unable to manage that sell volume, BTC could end up falling out of the aforementioned ascending channel and test the closest support level at $112,612. In an extreme scenario, the Bitcoin price might even end up falling to $106,300 if the CPI data rattles global markets.
Bulls Have Control Of The Bitcoin Price, But Momentum Is Beginning To Stall
From a technical point of view, indicators on the daily chart suggest bulls have an upper hand over bears, but warn that their momentum has stalled somewhat. This could be the early signs that the Bitcoin price will fall out of its bullish channel this week.
Firstly, the Moving Average Convergence Divergence (MACD) recently crossed above the MACD Signal line. This triggered a major bullish flag that traders oftentimes see as an indication that a crypto has entered a positive trend.
However, the MACD line has since struggled to break away above the MACD Signal line, leaving open the opportunity for bears to sway momentum in their favor.
Meanwhile, the Relative Strength Index (RSI) has increased along with the Bitcoin price in the last few days. This uptick in the indicator’s values is a positive sign that suggests buyers are gradually growing stronger.
Recently, however, the RSI has levelled off in the high 50s. While the latest reading still shows buyer strength, the leveling off warns of stalling momentum.
Those warning signs have emerged as the Bitcoin price nears the $119,466 resistance level. As such, bulls might have to battle it out with bears in order to clear the obstacle. Sellers are not going down without a fight, as evident by the wicks above the latest daily candles.
The CPI release will likely serve as a tipping point for either bulls or bears to take complete control in the next 24 hours.
As the Bitcoin price tries to clear resistance and traders brace for the CPI release today, investors continue to pile into the presale for Bitcoin Hyper (HYPER). According to 99Bitcoins, a popular crypto channel on YouTube with over 723K subscribers, HYPER is one of the best crypto ICOs to buy now.
Bitcoin To Get Its Own Scaling Upgrade Soon
Bitcoin has proven itself in terms of decentralization and security over the years, but has started to lag behind its competitors in terms of speeds and cost-efficiency. This is mainly due to the fact that developers have chosen to not alter the blockchain’s original source code.
Bitcoin Hyper, a scaling solution designed for BTC, offers the Web3 space a way to up the number of transactions Bitcoin can process at any given time without having to change the legacy blockchain’s code.
It achieves that through its integration with the Solana Virtual Machine (SVM) and a decentralized Canonical Bridge. With these tools, HYPER will bring SOL speeds to the BTC ecosystem, while also providing the Web3 community a way to seamlessly bridge between the Bitcoin base chain and HYPER layer-2.
HYPER Presale Goes Parabolic
Investors have already injected $8.5 million into the project’s ongoing ICO, signaling strong confidence in HYPER’s future.
Interested investors can acquire HYPER for $0.01265 apiece via the widget on its website using either crypto or bank card.
Investors will want to buy before the next presale price hike in about 39 hours.
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