BTC price focuses on $26K as Bitcoin traders brace for CPI volatility
Bitcoin (BTC) returned above $26,000 on June 13 as analysts eyed resistance overhead.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to reclaim $26,000 support after the daily close.
The pair had seen a curiously uneventful start to the week, this despite ongoing fallout from United States legal action and markets preparing for a slew of macroeconomic data releases.
Bitcoin thus remained in a narrow range in place since midway through the weekend.
“Risky day for any deep trades,” popular trader Crypto Tony wrote in part of the day’s Twitter analysis, considering upside potential should the support flip occur.
$BTC / $USD - Update Risky day for any deep trades, but trying this out if we can flip the current supply zone into support ✅ pic.twitter.com/Is00mDPXfV
Trading suite Decentrader meanwhile flagged multiple resistance levels to overcome next. It noted that funding rates were climbing, indicating a potential trend reversal already entering.
#Bitcoin Funding rates are starting to climb to 0.01% which typically has been a level for either a pause or a reversal. https://t.co/816f26dDoz pic.twitter.com/6TejFcI7tM
Other traders, including Moustache and Michaël van de Poppe, founder and CEO of trading firm Eight, noted BTC/USD still holding trend lines which could be cause for optimism — specifically, the 21-week and 200-week exponential moving averages (EMAs).
#Bitcoin - Update$BTC is still holding above the (W) EMA 21 line. Anyone who has been in crypto long enough, knows how significant this line is.- Falling wedge still active✅CPI and FOMC this week. I think we'll see a lot of volatility. pic.twitter.com/Pgi6qRSQkM
“Ultimately, we'll see coming few days whether that's going to sustain or whether
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