Bitcoin (BTC) is managing to stay strong above $109,000, having done so for the last couple of days. With U.S. CPI data about to be released on Wednesday, could this provide the boost that sends $BTC up past the all-time high and into price discovery?
$BTC continues to hold $109,000 support level
Source: TradingView
The 4-hour chart reveals that the $BTC price is continuing to hold the $109,000 support level. This level will be key for the bulls to hold as $BTC will need a secure base from which to climb back to the all-time high.
A slight resistance at $109,600 is keeping the price at bay for the time being, but with U.S. CPI data just about to be released, if positive, a surge to $112,000 has the potential to take place quite quickly.
If the data comes in negative, a dip could occur which might bring $BTC back to around $107,000, with $106,000 a strong support level just below this.
Generally positive on daily time frame
Source: TradingView
On the daily time frame all is looking quite good for Bitcoin. The exit from the small wedge was successful, and has resulted in the $BTC currently consolidating above that $109,000 level.
There is just one point of concern, in that the Stochastic RSI indicators are reaching the top in this time frame. This also coincides with the 8-hour and 12-hour time frames where the indicators are now on the way down. All this said, if bullish price movement does start to occur, these indicators can turn back around relatively quickly.
2-week time frame very bullish for $BTC
Source: TradingView
The 2-week chart reveals the entire bull market for Bitcoin to date. Paying particular attention to the two indicators at the bottom of the chart it can be seen that there could be more positive price action to come. The Stochastic RSI has its indicators just having crossed up through the 50.00 level, signalling plenty of upside price momentum, while the MACD at the bottom of the chart has just experienced a cross up of the indicator lines as the green histogram bars are just beginning to grow.
At time of going to press, the U.S. CPI data has been released. This was cooler than expected for May, so it seems the Trump tariffs have not trickled through to affect the data negatively thus far. The S&P 500 is up slightly on the news. It still remains to be seen how $BTC will react.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
