Bitcoin profit taking at $106K the first stop before new all-time BTC price highs 📉
Bitcoin prices have encountered a bearish breakout from an ascending channel, hovering near a potential profit-taking risk point of $106,000. The price dipped from an intraday high to $101,400. Analysts believe a lower-than-expected Consumer Price Index (CPI) could boost Bitcoin, but a higher CPI could lead to pressure, causing BTC to fall below $100,000.
The possibility of profit-taking is imminent as BTC nears resistance levels, with over $3.4 billion in leveraged long positions at risk of liquidation if prices drop to $100,000. Upcoming CPI data release has traders de-risking, impacting BTC’s trajectory.
If bearish trends persist following CPI data, key interest zones include between $100,500 and $99,700, and another fair value gap from $98,680 to $97,363, which could see a correction from previous highs.
Despite potential pitfalls, the article emphasizes every investment involves risk, urging readers to conduct thorough research before making decisions.
Source: cointelegraph.com ↗
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