BlockBeats news, on May 10, Bitcoin’s price rose after a relatively stable weekend, avoiding a retest below $80,000. However, after climbing to nearly $83,000 midweek, it failed to hold those gains, and traders now reiterate that Bitcoin needs to retest its support level.
Particularly noteworthy is the "bullish support band"—the two moving averages located below $80,000. Analyst Cryptic Trades stated: "On lower timeframes, after price was rejected at the higher timeframe resistance zone, I believe the most likely outcome is a short-term pullback to the 2-day bullish support band, which has historically served as a strong reversal area over the past few months." He added: "As long as price remains above this support band and the broader higher timeframe support zone (around $75,000), I still believe the most likely outcome is further upside." Trader Daan Crypto Trades agrees with this view, describing the initial breakout of the support band as an "unclear breakout."
Regarding inflation, before next week’s release of the new U.S. inflation data, trader Killa warned that BTC’s strong price momentum could face further headwinds. The April Consumer Price Index (CPI), set to be released on Tuesday, is expected to reflect the ongoing economic impact of the Iran-Israel conflict and rising oil prices. Killa wrote on X: “Already priced in.” He added: “BTC rose following the last two CPI releases. However, if we look at CPI price trends from 2025, we might see large players begin reducing risk exposure ahead of the event.” Key support levels to watch include the bull support zone; a breach could make $74,000 the next target.