Bitcoin profit taking at $106K the first stop before new all-time BTC price highs
Bitcoin (BTC) reached an intraday high of $105,800 on May 12 but fell 3% to $101,400 during New York trading. BTC exhibited a bearish breakout from an ascending channel pattern. Profit-taking risks increased as BTC approached the $106,000 resistance level, with long-term holders potentially taking profits. Over $3.4 billion in leveraged long positions face liquidation risk if prices drop to $100,000, which may attract price retests. Traders are de-risking ahead of the US Consumer Price Index (CPI) release on May 13, with April's CPI forecasted to remain at 2.4%. A lower-than-expected CPI could be bullish for Bitcoin, while a higher CPI could raise inflation fears and pressure BTC. Key areas of interest for potential bearish pressure are between $100,500 and $99,700, and another fair value gap exists between $98,680 and $97,363, indicating an 8% correction from recent highs.
