Bitcoin Approaches $122K Fibonacci Resistance as Inflation Data Looms

I am observing that Bitcoin bulls are making another attempt to reach the Fibonacci golden ratio above $122,000 amid upcoming U.S. inflation data. The market's reaction to core CPI increases could introduce volatility, but I believe it will not hinder the Federal Reserve from implementing a rate cut. This development indicates a potential bullish momentum for Bitcoin as traders look beyond short-term inflation concerns and focus on monetary policy signals. The convergence of technical analysis via Fibonacci ratios and macroeconomic data plays a critical role in shaping market sentiment. With Bitcoin approaching significant resistance levels, a successful breach could reinforce bullish trends, especially if the inflation data fails to derail the Fed’s dovish stance. Investors should watch for confirmation signals around this key resistance zone to gauge future price movements. While inflation fears have historically driven both volatility and opportunities in crypto markets, the outlook here suggests that Bitcoin's upward trajectory might continue if macroeconomic conditions align with technical breakouts. The overall mood appears cautiously optimistic, prioritizing the likelihood of a rate cut despite inflation data fluctuations.