The latest data on the US inflation rate indicates that consumer prices increased by 4% from a year earlier, marking a decrease from April's 4.9% and a significant drop from last June's 40-year high of 9.1%.
The Labor Department's consumer price index reveals that this is
the smallest yearly increase since March 2021.
Additionally, on a monthly basis, prices saw a modest rise of
0.1% compared to April's 0.4% increase.
These developments have prompted speculation about the potential
impact on the Bitcoin market, with some questioning if this could signal the
end of the bear market.
Bitcoin Price Prediction
Bitcoin is currently trading at $25,827,
showing a nearly 1% increase on Tuesday. Although it witnessed a rise during
Tuesday's morning trade in Asia, it failed to break through the strong
resistance level at $26,000.
From a technical perspective, Bitcoin is facing formidable
resistance around the $26,180 mark, while finding support near the $25,400
level.
In the four-hour timeframe, the $25,400 level plays a critical
role as a triple bottom support, helping to maintain stability in Bitcoin's
price.
The market is currently in a consolidation phase, with Bitcoin
trading within a range of $26,180 as the upper limit and $25,400 as the lower
limit.
The next significant move for Bitcoin will depend on a breakout
from this range.
Additionally, the 50-day Exponential Moving Average (EMA) acts as a resistance level around $25,900. Bitcoin's price is fluctuating around this level, indicating a potential struggle between buyers and sellers.
It is worth noting that a descending triangle pattern has
formed, characterized by lower lows and lower highs, signaling a bearish
sentiment among investors.
If the crucial support level at $25,400 is breached, it could
lead to increased selling pressure, potentially pushing the price down to the
support levels at $24,950, $24,700, or even $24,400.
Traders and investors should closely monitor Bitcoin's price
action as it interacts with these key levels to gain insights into the market's
direction.
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