Bitcoin Price May Dip Toward $70K as Fed Estimates Hotter CPI Print
Cointelegraph
Bitcoin faces a potential pullback to $70,000 as rising inflation estimates and weakening institutional support create bearish market conditions.Summary
Bitcoin faces potential downward pressure as the Cleveland Federal Reserve projects a rise in April headline inflation to 3.56%. This hotter-than-expected outlook, combined with a technical "rising wedge" pattern on daily charts, suggests a possible retreat toward $70,000. Institutional support, previously a major buffer for Bitcoin, has weakened as Strategy has paused its purchasing activity, leaving the asset more vulnerable to negative reactions surrounding upcoming inflation data releases.
(Source：Cointelegraph)