Analyst Maps Important Levels for Bitcoin Ahead of CPI Data Release

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The price of Bitcoin has finally been able to surpass a crucial resistance level after a prolonged period of bearish blues. This has caused some investors to wonder if the current rebound is really a bull trap or if the bear market has truly ended.

For the first time since 10 June last year, Bitcoin has crossed the $30,000 mark– thanks to a strong push by the BTC bulls. However, the steady rise in the value of Bitcoin over the past several months has revived concerns but has also fueled talks of a new cryptocurrency boom.

According to analyst Michael Van De Poppe, Bitcoin is currently consolidating gains. He said that with Bitcoin’s recent climb, confidence has returned to the markets. Altcoins will follow Bitcoin’s positive trend, according to him, and cautioned that the first important event of this week is CPI data. 

In his new YouTube video, the analyst highlighted important levels for Bitcoin. He said, “Taking into account a few important levels before we can say hey we are going to reverse first of all the previous breakout love was $28.6k.You don’t want Bitcoin to drop beneath $28.6k in a very fast manner. So as long as we stay above $28.6k it is fine and we continue the movements.”

He added, “You don’t really want to see Bitcoin drop any $27.8 is that’s the last low so when we’re looking at the daily time frame I think that a very shallow correction is taking place which is sustaining above approximately 29k.” (Sic)

Another trader on Twitter said that Bitcoin and Altcoins may face some volatility ahead of the CPI data release. 

He said, “Bitcoin and #Altcoins and  #stockmarkets are facing CPI data release later today.  Expect some volatility. Last 3 times we saw: 1. Price correction days before the event 2. A pre-release peak. 3. A sharp post-data release drop. Either way: Won’t be boring today.”