A popular formation on the Bitcoin chart suggests that the price of Bitcoin (BTC) may break out of the current range. However, this week's macroeconomic news could also have a significant impact on the price. 📉

On the four-hour chart, Bitcoin price formed a reverse head and shoulders, a formation that technical analysts use to predict a reversal of a previous downtrend.

According to the technical formation, Bitcoin could rise if there is a breakout above the trend line, according to a May 13 post from crypto investor Quinten Francois.

Despite the bullish chart formation, the sentiment around Bitcoin is still in an unstable position. In particular, this week's macroeconomic events, especially the May 14 Consumer Price Index (CPI), could have a significant impact on Bitcoin's short-term price trajectory, according to Matt Bell, CEO of Turbofish.