Bitcoin (BTC) experienced a 2.60% drop in the last 24 hours, nullifying a previously anticipated bullish breakout.
This drop occurred just before the release of U.S. #inflation data, which holds significance in determining when the #Federal Reserve ($Fed) might initiate interest rate cuts.
Bitcoin struggled to sustain itself above the $72,000 resistance level and has retreated towards the $67,500 support zone.
Earlier in the week, there was a bullish breakout from the symmetrical triangle consolidation pattern, suggesting a potential rally towards $80,000.
However, Bitcoin's failure to maintain the breakout might indicate apprehension before the release of U.S. CPI data.
Re-entry of Bitcoin into the decisive zone suggests an increased likelihood of testing lower support levels.
BTC/USDT approaches a crucial $74,000 resistance, a breakthrough may fuel bullish momentum aiming for $80,000.
Bears must quickly break the triangle pattern to push the trading pair down to $64,500, setting the stage for a potential comeback.
According to Coin Gabbar analysis, Bitcoin #Price Prediction 2030 is forecasted to surge to $250,000 , while Bitcoin Price Prediction 2040 will reach $500,000.
KEY LEVELS :
RESISTANCE LEVEL : $69,800-$71,000
SUPPORT LEVEL : $68,000-$67,000
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