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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
05/11/2026

Bitcoin Faces Technical Pressure as Inflation Data Looms

What happened: Bitcoin is forming a rising wedge pattern that could lead to a drop toward $70,000 if support fails, according to technical analysis.

Bitcoin Faces Technical Pressure as Inflation Data Looms

What happened: Bitcoin is forming a rising wedge pattern that could lead to a drop toward $70,000 if support fails, according to technical analysis. The Cleveland Federal Reserve's nowcast estimates April CPI at 3.56% year-over-year, up from 3.3% in March. MicroStrategy's pause in Bitcoin purchases ahead of earnings has coincided with this technical setup, though CEO Michael Saylor recently posted "Back to work" suggesting renewed accumulation.

Why it matters: Rising inflation expectations could delay Federal Reserve rate cuts, creating headwinds for risk assets including Bitcoin. The technical breakdown scenario coincides with macro uncertainty, though MicroStrategy's apparent return to buying could provide support. JPMorgan estimates the company could accumulate up to $30 billion in Bitcoin during 2026 if purchasing resumes at previous pace.

Source: Cointelegraph