Scoping Bitcoin Direction After June CPI Data Announcement

The daily chart shows Bitcoin testing resistance at the lower level of the USD 30,750–USD 31,250 range for the 21st day in a row. However, BTC remains above its 50-day (USD 29,051) and 200-day (USD 26,432) EMAs, indicating bullish momentum in the short and long term.

Notably, the 50-day EMA continues to move away from the 200-day EMA and reflects the bullish momentum. Subsequently, the BTC price entered a corrective phase characterized by sideways price action.

Meanwhile, the price has formed an ascending wedge pattern, generally indicating a possible reversal. A fall below the lower cut indicates a potential reversal of the medium-term outlook.

It is important to mention that the USD 30,000 resistance level also has significant psychological resistance, increasing the probability of a mid-term rejection of this critical price level.

However, if resistance does occur, Bitcoin’s next target will be the static support area of ​​USD 28,800.

“However, a break above the USD 30,000 resistance zone could trigger a rapid price spike towards a higher resistance level. If a successful breakout of this resistance level, BTC will rise towards the USD 31,150-USD 32,250 level,” concluded Fyqieh.