According to Cointelegraph, Bitcoin may face increased correction pressure ahead of the U.S. April CPI data release on May 12. The Cleveland Federal Reserve forecasts the year-over-year CPI increase at 3.56%, up from 3.3% in March, potentially reinforcing market expectations that the Federal Reserve will not cut rates in the near term and pressuring risk assets like Bitcoin. On the technical side, Bitcoin’s daily chart is forming a classic ascending wedge pattern, with key support at approximately $84,000; a break below this level could see further decline toward $70,000.
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