Bitcoin Slammed After Benign US CPI: Will the Uptrend Still Hold?
In spite of the relatively benign US inflation figures released on Wednesday, Bitcoin dipped more than $1,000 on the news, falling back to the bear market trendline. Has this put paid to the current rally or is it just a bump on the road?
Bear market trendline stops the slide
Source: TradingView
One thing the bears did achieve when they slammed the $BTC price down from the $64,450 horizontal resistance is that they put a sizable dent into the upward trajectory. The bulls really need to take full advantage of this current upside move given that a potential breakout of the key $65,600 resistance is the prize.
The good news for the bulls is that the recent dump did not take out the last lower low, and the bear market trendline was adequate support to stop the slide.ย
The latest upward impulse was based on this major trendline and where it met a small downward trendline. Now the $BTC price is approaching the next trendline. Once through here the way is open for the price to return to the key overhead resistance.
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