Analysis: If the US CPI is higher than expected, Bitcoin may pull back to around $70,000

According to market news, market analysis indicates that as the U.S. CPI data is about to be released, Bitcoin may face greater downside pressure.

The latest forecast from the Cleveland Fed shows that the overall U.S. CPI year-on-year may rise to 3.56%, up from 3.3% in March, which could further strengthen market expectations that the Federal Reserve will find it difficult to cut interest rates in the short term, thereby putting pressure on risk assets like Bitcoin. Although Bitcoin has remained strong after several previous inflation data releases that exceeded expectations, the current market support has weakened compared to before, and the market's sensitivity to the CPI data may rise again. Currently, Bitcoin's daily chart is forming a classic "rising wedge" pattern; if the price breaks below the key support level of around $84,000, it may further test the $70,000 area; if it successfully breaks through the 200-day moving average resistance, it is expected to open up upward space to $90,000 to $95,000.