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Bitcoin traders, the stage is set for a night of potential volatility as CPI data drops at 9:30 PM. Two pivotal factors could shape the short-term price trend: tonight’s CPI report and Trump’s power transfer on January 20. Here’s a breakdown of what to watch and how to navigate this high-stakes evening!
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📊 CPI Data: The Market Driver
Positive CPI: A lower-than-expected reading (below 2.9% for broad CPI and 3.3% for core CPI) could give BTC a bullish push.
Negative CPI: If CPI exceeds expectations, brace for bearish pressure.
💡 Logic to Remember:
Even if the CPI data is positive, BTC must break above key resistance levels to confirm bullish momentum. Otherwise, the market may react negatively despite favorable numbers.
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📈 Key BTC Levels to Watch Tonight
Resistance:
$97,228 is the key resistance level. BTC must break and hold above this to target $98,127-$99,066.
Without breaking $97,228, the market remains cautious.
Support:
If BTC fails to hold $96,160, expect further drops toward $95,324, $94,396, and $93,421.
Breakout Zones:
Bullish: A breakout above $97,317 with volume could trigger a rally.
Bearish: Falling below $96,840 with volume might lead to lower lows.
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🌟 Trump's Power Transfer: A Wildcard?
On January 20, Trump’s inaugural speech could hold clues for the crypto market.
Mention of Cryptocurrency: A positive signal for BTC, potentially more impactful than CPI.
No Mention: Market sentiment may lean bearish.
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🔍 How to Trade Tonight
1️⃣ Positive CPI, No Breakout:
If BTC cannot break $97,228, even with good CPI data, it signals market weakness.
2️⃣ Positive CPI, Breakout Above $97,228:
Target the next resistance levels at $98,127-$99,066.
3️⃣ Negative CPI:
Watch for support levels at $95,324, $94,396, and $93,421 for opportunities to buy dips.
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💡 Final Thoughts
Tonight’s CPI data and the upcoming political events could define BTC’s short-term trajectory. Remember, volume and price action at key levels like $97,228 will provide crucial signals.
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