Bitcoin Shows Bullish Tone, Potential Buying Opportunity Ahead

Bitcoin kicked off the week with a bullish tone, hinting at potential upside momentum.However, a potential buying opportunity might present itself in the form of a test of the symmetrical triangle's lower range following the release of US CPI data.'s price had been fluctuating for almost a month, forming a symmetrical triangle pattern.

This level, supported by both the upper line of the symmetrical triangle and the 8-day EMA, is critical for the trend's continuation. Maintaining support at $69,500 for the rest of the week could accelerate bullish momentum by breaking the intermediate resistance at $71,500. However, if Bitcoin fails to hold the $69,500 support and closes below it on a daily basis, the bullish setup may be invalidated. In such a scenario, price levels down to $68,500 could act as stops. This represents a 15% bullish expectation towards $80,000 with a risk premium of approximately 3.5% - 5% from $70,500.data, will impact Bitcoin prices. If CPI aligns with or is lower than expectations, it may increase risk appetite, supporting Bitcoin's upward trajectory.

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