#CryptoRegulation

Bitcoin shows a bearish breakout from an ascending channel, with the risk of profit-taking near $106,000.

A lower-than-expected U.S. Consumer Price Index (CPI) could boost Bitcoin, but a higher CPI may increase downward pressure, leading to a price drop below $100,000.

The price of Bitcoin BTC

€91,440 reached an intraday high of $105,800 on May 12, but recorded a 3% drop to $101,400 during the New York trading session. On the low-timeframe (LTF) chart, BTC oscillated within an ascending channel pattern before showing a bearish breakout below the lower range of the pattern. Regarding the stagnation of BTC's bullish momentum, the data analysis platform Alphractal noted that the re-test of BTC near resistance levels of $106,000 increased the likelihood of profit-taking risks. As illustrated in the chart, Bitcoin is currently approaching the “Alpha Price” zone, where long-term holders or whales might take profits, according to Joao Wedson, CEO of Alphractal.