BITCOIN PRICE ANALYSIS CMP-$29,535: BTC is nervous ahead of CPI Data

BTC is grappling to stay near $29,500 against the US Dollar.

Buyers and sellers have been engaged in an enduring conflict focused on the 100-day moving average. The price has demonstrated unusually limited fluctuations, indicating a prevailing sense of uncertainty in the market. The price behavior within this crucial range might hold the key to predicting Bitcoin's forthcoming price trends.

On The Daily Chart:

Bitcoin's price corrected lower after hitting $30,200 and now hovers around the previous breakout level of $29,400. Afterward, it rallied above resistance at $29,400 and $29,500, even briefly exceeding $30,000 before retracing from the peak near $30,244.

The decline took the price below $30,000 and $29,500, breaking a key bullish trend line with support near $29,800 on the BTC/USD hourly chart. A low formed near $29,377, and currently, the price trades below $29,600 and the 50-hourly Simple Moving Average.

On The 4-Hour Chart:

The 4-hour chart reveals Bitcoin's price rejection at the upper boundary of the wedge pattern. Within this timeframe, the price appears to be range-bound, oscillating between the $30,000 resistance and the $25,000 support levels. Notably, Bitcoin approached the crucial 0.382 Fibonacci retracement level, where it found support and initiated a minor upward movement towards the $29,000 resistance. If this region yields a favorable response, it could potentially trigger a new bullish momentum, propelling the price towards the significant hurdle at $30,000.

According to Coingabbar Price Analysis, the market capitalization of BTC stands at $574,178,195,221. The 24-hour trading volume is approximately $13,029,141,807.

KEY LEVELS :

RESISTANCE LEVEL : $30,000-$30,500

SUPPORT LEVEL : $29,000-$28,500

Is the current market rally a potentially misleading prelude to a precarious surge leading up to crucial US CPI data? Are investors holding out for Consumer Price Index figures to attain a clearer perspective on forthcoming Federal Reserve choices? Share your views in the comment box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.