BTCUSD : Analyzing Post-CPI Recovery and Potential Price Movements

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In the wake of recent Consumer Price Index (CPI) data, **BTCUSD** exhibits a cautious recovery. Here’s a breakdown of the current market situation :

1. If Bitcoin maintains a price above **$61,000**, it could lead to a continued rally, reflecting bullish sentiment.

2. However, on the **Daily Time Frame**, the price is currently situated below both the **20 SMA (Blue)** and **200 SMA (Pink)**, indicating a bearish trend.

3. A potential correction towards **$61,000** is plausible in the short term, as traders reassess market conditions.

The primary resistance levels lie between **$63,400** and **$67,000**, forming a crucial order block that traders should watch closely for signs of strength or weakness.

Conclusion :

While BTCUSD shows signs of recovery, the overall trend remains uncertain, with significant resistance ahead. Maintaining a price above $61,000 is critical for sustaining upward momentum.

Advice :

Traders should consider setting alerts for significant price levels and maintain a close watch on market developments. Utilizing stop-loss orders near $61,000 can help manage risk in this volatile environment. Staying informed about macroeconomic indicators, especially CPI data, will be essential in guiding trading strategies.