Bitcoin price touched a daily high of $105,800 on Monday trading and moved down 3% to $101,400. However, the trend pattern shows an increase before showing a downward breakout below the range.
At 2.30 pm, Bitcoin was at a price level of $102,535, down about 0.24% since it opened on Tuesday.
Based on the technical chart shared by Alphractal, the $106,000 level is seen as a key resistance that needs to be overcome to continue the upward trend. However, if selling pressure increases at this level, the BTC price is likely to experience a correction in the near future.
It is also experiencing a slight profit-taking phase due to cautious measures by market participants ahead of the release of the US Consumer Price Index (CPI) data at 8.30 pm tonight (Tuesday).
CPI for March was 2.4%, down from 2.8% in February, compared to a forecast of 2.5%. The market expects the inflation report to remain at 2.4% for the April revision.
