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 may increase bearish pressure, leading to a price drop below $100,000. Regarding the stagnation of BTC's bullish momentum, the data analysis platform Alphractal noted that the re-testing 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 could take profits, according to Joao Wedson, CEO of Alphractal. The price of Bitcoin BTC
€91,440 reached an intraday high of $105,800 on May 12, but recorded a 3% drop to $101,400 during the trading session in New York. In the low time frame (LTF) chart, BTC oscillated within an ascending channel pattern before showing a bearish breakout below the lower range of the pattern.$BTC
