Bitcoin breakout looks tradable but CPI may slow gains

I believe Bitcoin is breaking out of its triangle consolidation pattern. Although the Asian trading session showed strength, sell-offs in European and U.S. hours have trimmed some gains. As long as the price holds above $116,817, I view this as a tradable breakout with an upward bias in the trend. Keywords: Bitcoin breakout, triangle pattern, crypto trading.

If the Consumer Price Index (CPI) comes in above expectations, it could challenge the market’s view that the Federal Reserve will cut rates twice this year. I think such a challenge is reasonable, and it could weigh on risk assets and crypto sentiment. Keywords: CPI surprise, Fed rate cuts, macro risk.

Given the seasonal weakness period, I expect prices to climb slowly rather than accelerate parabolically. Money is still flowing into the cryptocurrency market through various channels, and patient investors are likely to see returns within the year. Keywords: seasonal weakness, crypto inflows, patient investors.