$BTC

CPI data may trigger a deep correction in BTC: The expected year-on-year CPI for the U.S. in April is 3.4%, and the core CPI is expected to be 3.6%. If the actual data exceeds expectations, Bitcoin may fall below the support level of 96,000, with miners facing cash-out pressure combined with the risk of liquidation at the high leverage level of 105,000. The technical indicators show that the daily RSI is overbought, and there is a demand to fill the CME futures gap at 88,000. Historical data shows that after the last three CPI exceedances, BTC averaged a 12% correction, so caution is needed regarding the risk of a sharp increase in volatility within two hours after the data is released.