#BITCOIN Salloff in Both Spot and Futures Markets.
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Market sentiment currently isn't favorable, experiencing a selloff in both spot and futures markets. Over $500 million worth of positions have been closed, indicating a loss of momentum. The technical analysis reveals consolidation, with EMAs showing a slight downtrend.
🪷 Bitcoin Price Analysis:
The price is fluctuating within a range of $63,500 to $66,600, finding support around $60,000. A breakout is anticipated today, contingent on the CPI and inflation rate data.
🪷 CPI and Inflation Rate Data:
The data will be disclosed at 12:30 UTC today. A drop in the inflation rate beyond expectations could trigger bullish momentum and a potential breakout, while a higher-than-expected inflation rate could lead to a bearish breakout.
🪷 Short-Term Expectations:
In the short term, there is a slightly bullish outlook, anticipating a rebound towards the upper limit of the consolidation range. Breaking above $62,200 would confirm this move.
🪷 Long-Term Expectations:
Long-term sentiment is bearish, with an expectation of a potential breakdown below $60,000 if the inflation rate exceeds expectations.
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