BTC continues to be under pressure and declines further, watch for the impact of tonight's CPI data

The market is now completely chaotic, with multiple pieces of news intertwined, making it very difficult to give precise and effective judgments. On one side, the US and Iran are pushing forward peace negotiations; on the other, regional military frictions continue one after another; meanwhile, Trump is calling for a ceasefire and peace, yet also launching targeted retaliatory strikes. Additionally, the Fed's rate hike expectations keep rising, strengthening the dollar, while BTC and gold are both heavily suppressed, with prices continuing to fall. BTC has already broken below this year's lows, and gold is about to hit its lowest point of the year.

Today’s market is very critical; everyone should focus on closely watching the CPI data during the evening trading session! Currently, energy prices are rising steadily, and inflation remains high as prices follow suit. This CPI data will directly guide the Fed’s future rate hike decisions.

Yesterday, Bitcoin attempted to break below 61,000 but then rebounded above 62,000. The bullish momentum was clearly insufficient, but the bears below still did not have much continuation. Wait for the right entry point to go long. If you choose to short, then a sudden positive surprise from tonight’s CPI data could cause a rebound. A slight retracement might allow you to hold your position at the bottom.

BTC trading suggestion: 59,688-60,088, with a stop at 59,000. Target breakout above 61,800 to see 62,500-62,800.

ETH trading suggestion: 1,558-1,573, with a stop of 40-50 points. Target breakout above 1,640 $ETH to see 1,665-1,707.