The Bitcoin price has held steady above the key support level at $90,000, as market participants eagerly await several significant events that could impact the cryptocurrency’s value. These events include the upcoming US inflation report, the Supreme Court’s ruling on Donald Trump’s tariffs, and the markup of the CLARITY Act in the Senate.
Market Outlook and Upcoming Events
On Sunday, Bitcoin (BTC) was trading at $90,590, slightly below its year-to-date high of $94,470, but still significantly higher than its November low of $80,000. The cryptocurrency’s price has been in a tight range, awaiting catalysts that could influence its direction. This week, three major events are expected to shape the market’s sentiment and potentially impact Bitcoin’s price.
The first event is the release of the latest US inflation report by the Bureau of Labor Statistics on Tuesday. Economists polled by Reuters anticipate that the report will show a 2.7% increase in both the headline and core Consumer Price Index (CPI) for December. A higher-than-expected inflation report could be bearish for Bitcoin, as it might lead to the Federal Reserve maintaining higher interest rates for a longer period.
Impact of Inflation Report and Interest Rates
A weaker inflation report, on the other hand, could raise the possibility of the Fed cutting interest rates more times this year, which could be bullish for Bitcoin. This is supported by a recent report showing that the unemployment rate fell to 4.4% in December, with the economy creating 55,000 jobs. The interplay between inflation, interest rates, and employment will be closely watched for its implications on the cryptocurrency market.
Another significant event is the Senate’s markup of the Market Structures Bill, commonly known as the CLARITY Act. The bill aims to bring clarity to the crypto industry by defining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Positive developments on this front could boost Bitcoin’s price, as regulatory clarity is seen as a key factor in the industry’s growth and adoption.
Technical Analysis and Market Expectations
The daily chart shows that Bitcoin has formed a highly bullish pattern, suggesting a potential rebound this week. An ascending triangle pattern, characterized by a horizontal resistance and an ascending trendline, has been identified. Additionally, Bitcoin has moved above the 50-day Exponential Moving Average, further supporting the bullish outlook.
BTC price chart | Source: crypto.news
A rebound above the key resistance level at $94,468 could confirm the bullish outlook, potentially leading to further gains towards the psychological level of $100,000. This target aligns with the Major S&R pivot point of the Murrey Math Lines tool, indicating a significant level of support and resistance. As the market awaits the aforementioned events, the technical analysis suggests that Bitcoin is poised for a potential upward move, pending the outcome of these catalysts.
For the latest updates and in-depth analysis on Bitcoin and the broader cryptocurrency market, visit https://crypto.news/bitcoin-price-forms-a-bullish-pattern-ahead-of-us-cpi-data-scotus-ruling-clarity-markup/
