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

💡 DMK Insight

BTC’s current rising wedge pattern is raising eyebrows, hinting at a potential drop to $70,000. With BTC trading at $80,777, traders should be wary of the implications of a cooling inflation narrative. The Fed’s rate-cut hopes are likely on hold, which could dampen bullish sentiment in the crypto market. If BTC breaks below the support of the rising wedge, it could trigger a cascade of selling, especially among retail traders who might panic at the sight of a significant drop. Keep an eye on volume trends; if selling pressure increases, it could validate the bearish outlook. On the flip side, if BTC manages to hold above $80,000 and shows strong buying interest, it could invalidate this bearish scenario. Watch for key resistance levels around $85,000, as a breakout above could reignite bullish momentum. But for now, the focus should be on the $70,000 target and the potential for increased volatility in the coming days.