From a liquidation standpoint, the risk of a long position "squeeze" is also high, with over $3.4 billion in leveraged long positions at risk of liquidation if prices fall to $100,000. This range could act as a magnet for the price, leading to a re-test near the psychological level. Regarding the stagnation of BTC's bullish momentum, the data analysis platform Alphractal pointed out 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. Bitcoin exhibits a bearish breakout from an ascending channel, with profit-taking risks near $106,000.

A lower than expected U.S. Consumer Price Index (CPI) could boost Bitcoin, but a higher CPI may increase bearish 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.