Bitcoin short-term ‘technical sell-off’ under $100K possible ahead of May 13 CPI print

Key takeaways:

Possible de-risking ahead of the May 13 CPI print could be playing a role in today’s BTC price correction.

Bitcoin market structure and qualitative fundamentals remain bullish, suggesting today’s correction could be short-lived.

Bitcoin (BTC) price briefly stumbled on May 12, falling to $102,388 after hitting an intraday high at $105,819 during the US trading session. At first glance, the abrupt correction seemed unexpected given the positive news of the day. Since Sunday evening (May 11), mainstream media headlines have reported on the positive headway made in the US-China trade talks occurring in Switzerland, and throughout the evening, US President Donald Trump ran his victory lab via Truth Social posts heralding the positives of the deal.

As news of the tentative deal broke, US equity futures markets soared, and these gains materialized into a 1,000-point rally in the Dow at the opening bell. Looking beyond the temporary resolution of the US-China trade war, Bitcoin has racked up back-to-back wins over the past two weeks. On May 12, Strategy CEO Michael Saylor announced that the company had acquired 13,390 Bitcoin, bringing its total balance to 568,840 BTC.

On the same day, shares of healthcare company KindlyMD surged up to 600% after announcing the merger with Nakamoto Holdings, a Bitcoin investment company founded by David Bailey, who is Trump’s current crypto adviser. The month of April followed a similar trajectory to today, where frequent Bitcoin treasury creation announcements were made by an assortment of US-based and international companies.

Profit taking and de-risking drive the current Bitcoin price correction While Bitcoin's mass adoption appears to be accelerating, data from Glassnode suggests that BTC price could be in for a brief period of consolidation after gaining 9% in the last week.

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