Will Bitcoin Plummet Tonight When CPI Data is Released?
Attention, brothers! Tonight at 8:30 PM, the U.S. April CPI inflation data will be released, which is crucial for Bitcoin's price trend.
Current Market Situation:
Bitcoin has been fluctuating between $100,000 and $106,000 recently. Although there has been a short-term pullback, the overall trend remains in an upward channel. From a technical perspective, there is strong support around $100,600, and as long as it does not break below this level, there is still a possibility of hitting $106,600.
Impact of CPI Data:
Tonight's data will directly affect the Federal Reserve's interest rate cut expectations, and the market may exhibit two types of trends:
CPI below expectations → Enhanced expectations for interest rate cuts, Bitcoin might directly break through $105,000, and even challenge $120,000!
CPI above expectations → In the short term, it may pull back to the $97,000-$99,000 range, but in the long term, institutional capital is still entering the market, so the probability of a significant drop is low.
Market Sentiment:
Institutions and large investors are still buying on dips, with MicroStrategy holding $21 billion ready to buy at the bottom.
Long-term holders are reluctant to sell, and market selling pressure is limited.
Short-term fluctuations are a normal adjustment; don’t get shaken out!
Altcoin Situation:
Ethereum is facing resistance at $2,600, with short-term support at $2,400. If it breaks below $2,280, further adjustments may occur. Other altcoins generally have a 20%-30% pullback potential, so it is recommended to wait for the market to stabilize before entering.
Tonight's CPI data is key, but regardless of the result, Bitcoin has strong support near $100,000, and the probability of a plummet is low. Short-term fluctuations present opportunities; don’t panic, and patiently wait for the trend to clarify!
