Bitcoin price may dip toward $70K as Cleveland Fed estimates hotter inflation print

💡 DMK Insight

BTC’s current price at $81,124 is flirting with a critical resistance level, but the rising wedge pattern suggests a potential drop to $70,000. Here’s the thing: this pattern typically indicates a reversal, and with inflation cooling, traders might be reassessing their positions. If the Fed’s rate-cut hopes fade, we could see a shift in sentiment that drives BTC lower. Watch for a break below the lower trendline of the wedge, which could trigger selling pressure. On the flip side, if BTC manages to hold above $80,000, it could still push higher, but the risk of a sharp pullback is real. Keep an eye on volume as well; a significant drop in buying pressure could confirm the bearish outlook. For now, $70,000 is a key level to watch, as a drop to this point could set up a buying opportunity for those looking to enter at a lower price.