The price of Bitcoin appears to be baffling as the token underwent the historic weekly death cross during the early trading hours. Meanwhile, the impact on the price was minimal, and as BTC prices continued to trade within a very narrow region. Presently, the price appears to be preparing to fly high with a huge margin as the fresh CPI rates are set to roll out in some time.
BTC price has been trading within a descending trend since the beginning of the present month and dropped more than 12%. However, the price in the short term is flashing acute bullish signals that may trigger a breakout from the consolidation very soon.
The BTC price has been trading along the lower trend line and broke down from the crucial 200-day MA levels in the past week. However, the price now appears to be at a decisive phase and a slight push with the fresh CPI data may uplift the price beyond the pivotal resistance.
The price has formed an inverted head & shoulder pattern in the hourly chart, flashing the possibility of a breakout in the next couple of hours. The crucial resistance appears to be at 200-day MA levels at $22,600. A push beyond these levels may trigger a larger price action in the long term, smashing the dominance of bears to a large extent.