According to Cointelegraph, market analysis suggests that Bitcoin may face increased downward pressure ahead of the release of U.S. April CPI data on May 12. The latest forecast from the Cleveland Fed indicates that U.S. April headline CPI could rise to 3.56% year-over-year, up from 3.3% in March, potentially reinforcing market expectations that the Federal Reserve will find it difficult to cut rates in the near term, thereby pressuring risk assets like Bitcoin. Although Bitcoin has maintained strength following several previous higher-than-expected inflation readings, current market support has weakened compared to prior episodes, and sensitivity to the CPI data may be resurging. Currently, Bitcoin’s daily chart is forming a classic “rising wedge” pattern; if the price breaks below the key support level of approximately $84,000, it could decline further toward $70,000. Conversely, a successful breakout above the 200-day moving average could open an upside range toward $90,000–$95,000.
Bitcoin may drop to $70,000 if the U.S. April CPI exceeds expectations.
TechFlowShare
Summary
Bitcoin analysis from TechFlow suggests the asset could decline to $70,000 if the U.S. April CPI data, due on May 12, exceeds forecasts. The Cleveland Fed forecasts a 3.56% annual CPI increase, up from 3.3% in March, which may delay Fed rate cuts. On the Bitcoin chart, the price is forming an ascending wedge. A break below the $84,000 support level could push it toward $70,000, while a move above the 200-day moving average could propel it to $90,000–$95,000.
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