TA- Bitcoin Bounced off Key Support After CPI Announcement

The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement in the United States. The metric is used to measure inflation in U.S. dollar and hints at a potential slowdown. 

Bitcoin price saw a pullback from $24,200 to $22,800 despite showing signs of relief rally but was faced with resistance to breakout ahead of CPI news sentiments. (Data feeds from Bitstamp)

Price Analysis Of BTC On The Weekly Chart
Weekly Price Analysis For BTC Source: BTCUSD On Tradingview.com

The price of BTC has shown a range in an ascending wedge on the 4H chart, as the price faces rejection at $24,000.

BTC’s price is $23,990, trading above the 50 but above the 200 EMA with prices of $23,200 and $22,700 on the 4H chart. These prices would be a support area for BTC on the 4H chart.

Four-Hourly (4H) resistance for BTC price – $24,300.

Four-Hourly (4H) support for BTC price – $23,200, $22,700.

 

With the positive CPI, the price of BTC would trend higher.

 

Featured image from NewsBTC, Charts from TradingView.com 

The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement in the United States. The metric is used to measure inflation in U.S. dollar and hints at a potential slowdown. 

Related Reading: TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses

Bitcoin price saw a pullback from $24,200 to $22,800 despite showing signs of relief rally but was faced with resistance to breakout ahead of CPI news sentiments. (Data feeds from Bitstamp)

Price Analysis Of BTC On The Weekly Chart

Weekly Price Analysis For BTC