TA- Bitcoin Bounced off Key Support After CPI Announcement

The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement in the United States. The metric is used to measure inflation in U.S. dollar and hints at a potential slowdown. Related Reading: TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses Bitcoin price saw a pullback from $24,200 to $22,800 despite showing signs of relief rally but was faced with resistance to breakout ahead of CPI news sentiments. (Data feeds from Bitstamp) Price Analysis Of BTC On The Weekly Chart From the chart, the price of BTC saw a weekly low of around $19,100, which bounced from that area and rallied to a price of $24,300. The price has built more momentum as it faces resistance at $24,300. If the price of BTC on the weekly chart continues with this bullish structure, it could quickly revisit $28,000. Weekly resistance for the price of BTC – $28,000. Weekly support for the price of BTC – $19,100. Price Analysis Of BTC On The Daily (1D) Chart The price of BTC found strong support at around $20,600, with what seems to be an area of interest on the daily chart. BTC bounced from its support, forming a rising wedge as it faces resistance to break above $24,200. At the point of writing, the price of BTC is at $23,980, trying to break the resistance of $24,000 that corresponds to the 50 exponential moving averages (EMA). If the price of BTC fails to break above the...