- Bitcoin trades at $96,066 and is forming a potential rebound setup on its daily chart.
- The TD Sequential and RSI indicate bullish momentum might build ahead of CPI data.
- Breaking resistance levels could push Bitcoin past $100,000 if momentum continues.
Bitcoin (BTC) is trading at $96,066.37, showing a slight daily decline of 0.46%, but recent chart patterns and technical signals suggest a potential rebound may be on the horizon. According to analyst MilkyEdge, the TD Sequential indicator has flashed a “Buy” signal on Bitcoin’s daily chart, a reliable tool often used to identify reversal points in trends.
The setup hints that BTC could regain upward momentum as it approaches a critical week coinciding with the Consumer Price Index (CPI) release, which is expected to play a pivotal role in shaping market sentiment.
The chart reveals Bitcoin is trading within a descending triangle pattern, marked by a horizontal support zone and a downward-sloping resistance line. This technical formation typically indicates indecision, but in the context of a “Buy” signal from the TD Sequential, it could signal an impending breakout.
Notably, the RSI indicator displayed below the price chart has oscillated between bearish and bullish zones in recent months, showing a brief bullish divergence that aligns with MilkyEdge’s prediction of a short-term rebound. If Bitcoin can hold the current support and break through the descending resistance, a move back to the $100,000 psychological barrier could be feasible.
CPI Data Release Could Determine Bitcoin’s Next Move
Market participants are particularly focused on the upcoming CPI data release, as inflation figures often dictate the macroeconomic outlook and influence risk-on assets like Bitcoin. The current price of $96,066.37 suggests that BTC remains vulnerable to external pressures, but the technical picture implies the possibility of a strong recovery in the near term.
MilkyEdge’s analysis adds that a confirmed breakout could lead to a test of recent highs above $100,000, provided market momentum aligns with the technical setup. While the TD Sequential “Buy” signal and the RSI bullish divergence create a positive outlook, Bitcoin must overcome key resistance levels to sustain any rally.
Investors and traders alike are advised to monitor Bitcoin’s movement closely in the lead-up to the CPI week, as macroeconomic data could either validate the bullish narrative or introduce new headwinds. MilkyEdge’s final note underscores the need for caution: “Rebound coming next week, but the CPI will decide the direction.” As the market braces for volatility, all eyes remain on Bitcoin’s next move.
