Bitcoin has declined for two consecutive days, is the bottom in?



These past two days, CPI-PPI data has been released one after another, unexpectedly exceeding expectations, indicating rising inflation, delaying the Federal Reserve's rate easing. Mainstream investors are leaving, with on-chain spot outflows of 670 million. Previously, the focus was on high-altitude trading. Bitcoin has retraced 2.28% from its high point. Those paying attention have probably gained good returns! The only variable today is the (CLARITY) bill review result. If it passes smoothly, it will bring massive liquidity to the crypto market!

BTC
Currently, the daily chart shows four consecutive bearish candles. The four-hour chart has formed a death cross, breaking support. There is some rebound demand on smaller timeframes. During the day, watch for resistance at 7980. If the four-hour candle cannot close above this level, there is a risk of a second decline. Support is around 7800, waiting for a rebound. Overall, maintain a bullish stance.

Range around 7960-8000, with support at 8070, target 7870-7800, with a break below looking toward 7650.

ETH
Range around 2263-2285, with support at 2316, target 2223, with a break below looking toward 2180-2152.
BTC-1.33%
ETH-1.39%
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