Bitcoin Eyes $108K as Market Awaits CPI Data

Bitcoin (BTC) has stabilized between $103,800 and $106,900 over the past three days following last week’s Trump-Musk drama, which injected fresh volatility into the market. As traders eye the next big move, the broader outlook suggests that a short-term dip may be on the horizon before a renewed push toward record highs.

CPI Data Looms Over Market Sentiment

All eyes now turn to the upcoming U.S. Consumer Price Index (CPI) data, set to be released on Wednesday. With concerns rising over the inflationary impact of recently proposed tariffs, the data could spark significant volatility across markets.

Expectations suggest a 0.3% month-over-month rise in headline CPI and a 2.3% increase year-over-year. Core CPI, which excludes food and energy prices, is also projected to climb 0.3% on the month and 2.9% year-over-year. A higher-than-expected reading could dampen hopes of imminent Federal Reserve rate cuts, adding pressure on risk assets like Bitcoin.

BTC Price Testing Lower Range, But Bulls Remain Confident

Recent trading action shows Bitcoin bulls slowly rebuilding momentum, even as short-term indicators point to a possible retest of the lower support zone around $104,000. A temporary pullback toward $101,500 remains on the table, driven by classic chart formations such as head-and-shoulders patterns. However, many traders view any downside as a setup for a stronger rally.

Bitcoin remains comfortably above its bull market support band, currently sitting near $95,000 — a key level that has supported the ongoing uptrend for over 900 days. Holding this zone is crucial to maintain long-term bullish momentum.

Technical Signals Point to $140K Target

Multiple technical patterns on the weekly chart continue to signal major upside. A developing cup-and-handle formation suggests a potential breakout above the $109,000 neckline, targeting $143,000 — a gain of about 35% from current levels. Simultaneously, a bull flag structure supports a similar move toward $143,300.

The fact that Bitcoin has remained above its highest weekly close from 2021 for four straight weeks — and hasn’t dipped below the five-week exponential moving average since early May — signals strong bullish control. A clean breakout above the long-term trendline from 2021 could swiftly send BTC into the $140K–$150K range.

Conclusion

While short-term pressure from macroeconomic data may temporarily weigh on Bitcoin’s price, the broader structure remains intact. If current support levels hold and bullish patterns play out, BTC could be gearing up for its next explosive move — with $140,000 now firmly in sight.