#CryptoRegulation

Bitcoin exhibits 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 might increase bearish pressure, leading to a price drop below $100,000. The price of Bitcoin

BTC91,440 € reached an intraday high of $105,800 on May 12, but recorded a 3% drop to $101,400 during the trading session in New York. 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 the 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. From a liquidation standpoint, the risk of a long position 'squeeze' is also high, with over $3.4 billion in long leveraged positions at risk of liquidation if prices drop to $100,000. This range could act as a magnet for the price, leading to a re-test near the psychological level.