A technical analysis pattern indicating the Bull Reversal appeared on the Bitcoin (BTC) sunny price chart as market participants looked at Wednesday’s inflation data to place a floor under risk -owners.
Recently took BTC, which fell from $ 100,000 last month to under $ 80,000 this week for many reasons, including rising danger on Wall Street, concerns about Trump’s tariffs and the fear of the US. Failure with the lack of fresh BTC purchases under Trump’s strategic reserve plan was added to the descending momentum.
However, as the prices fell for months lows below $ 80,000 on Tuesday, the relative power index (RSI)-a widely observed Momentum Oscillator-does not confirm this collapse. The indicator made a lower low, opposed to the lower in the price chart, proving what was known as the Bullish RSI change.
This indicates that as the price decreases, the momentum behind the sale weakens, potential a sign of an upcoming return to a bullish trend.
The pattern cannot come at a more interesting time than today, as the US consumer price index for February, which is set to release at 12:30 UTC, is expected to show development. RSI’s BTC’s BTC bullgence means the stage is set for a positive response to a potentially soft reading.
According to the CNBC, the data is expected to show that the CPI headline and the main figure, which does not include food and energy, increased by 0.3% month-to-month in February. That indicates an annual reading of 2.9% for the CPI headline and 3.2% for the core, both 0.1 percent point less than January.
“Tonight’s CPI printing can set a tone for expected rates, as the markets are now price to four fed cuts this year, from just one in January. The inflation data will prove this change or bring fresh excitement?”
