TechFlow news: On May 10, according to Cointelegraph, market analysis suggests that Bitcoin may face increased downward pressure ahead of the release of U.S. April CPI data on May 12. The latest forecast from the Federal Reserve Bank of Cleveland indicates that the U.S. overall CPI for April could rise year-on-year to 3.56%, up from 3.3% in March—potentially reinforcing market expectations that the Federal Reserve will struggle to cut interest rates in the near term, thereby weighing on risk assets such as Bitcoin.
Although Bitcoin has maintained strength following several prior instances of inflation data exceeding expectations, current market support has weakened compared to earlier periods, and market sensitivity to CPI data may be rising again. Bitcoin’s daily chart is currently forming a classic “rising wedge” pattern. If the price breaks below the key support level of approximately $84,000, it could fall further toward $70,000; conversely, if it successfully breaks above the resistance of the 200-day moving average, an upside target range of $90,000–$95,000 may open up.
