Bitcoin's major support sits at $63,700-$64,000. Below that, the next support is $62,000. A break below $62K could cascade toward $60,000 if risk sentiment sours significantly on a hot CPI print.
Bitcoin needs to break above $65,000 decisively to signal strength. If BTC can hold and reclaim $65K, the next resistance is $67,500. These levels are key inflection points for institutional traders.
Bitcoin's weakness isn't due to on-chain metrics or technical failures. It's macro-driven: rising interest rates and inflation make non-yielding assets less attractive compared to bonds offering 5%+ returns.
Soft CPI: BTC could rally to $66K+. Hot CPI: BTC breaks $63,700 support and tests $60K. The inflation report is the pivot point for BTC direction over the next week.
Long-term Bitcoin holders should ignore daily volatility. If you believe in Bitcoin's 10-year thesis, this pullback is accumulation opportunity. Short-term traders should respect the $63,700 support level.
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