Key Takeaways:

  • Bitcoin (BTC) is consolidating between $103,800 and $106,900 after post-Trump-Musk volatility, potentially dipping to $100,000–$104,000 before new highs.
  • On June 11, US CPI data could drive volatility; higher inflation forecasts may deter Fed rate cuts and negatively impact BTC.
  • Technical patterns, including a cup-and-handle formation and bull flag, suggest potential targets near $143,000, though are countered by short-term caution.

Price Consolidation and Next Steps

After significant volatility following the public split between Donald Trump and Elon Musk, Bitcoin (BTC) has entered a three-day trading range between $103,800 and $106,900. Without clear daily directional momentum, analysts suggest a slight price decline is possible before reaching new all-time highs.

Testing CPI Data Headwinds

This Wednesday’s upcoming US Consumer Price Index (CPI) reading may significantly influence BTC’s path. Market participants expect CPI to rise 0.3% month-over-month and 2.9% year-over-year (excluding food and energy). Higher inflation data could constrain hopes for Federal Reserve interest rate cuts, creating headwinds.

Analysts like Swissblock warn this “could unleash volatility,” increasing the probability of “a short-term test of the lower range around $104,000.” Higher CPI may force Bitcoin bulls to regroup following four consecutive days within the current range.

BTC/USD price chart highlighting recent structure and upcoming CPI impact.
BTC/USD chart analysis. Source: Swissblock

Technical Breakdown Points

Analysts project potential structures:

  • Bullish Patterns: A cup-and-handle formation and a bullish flag chart pattern both point toward a potential breakout around $109,000 leading to targets near $143,000.

Conversely, technical bearish signals:

  • Head-and-shoulders Pattern: Mickybull Crypto suggests a $101,500 dip if a bearish pattern holds.

BTC holds its 2021 high, maintaining psychological resilience and liquidity clusters below the current price. $100,000 remains a crucial support level.

BTC/USD daily chart highlighting potential technical bearish pattern.
BTC daily chart. Source: Mickybull Crypto

Easing Fears: The Larger Trend Context

Despite near-term caution, many analysts point to the broader Bitcoin trend.

  • Long-Term Trend: Daan Crypto Trades notes “the high time frame trend still remains very clean,” with BTC “breaking back above its bull market support band.” Sustaining around $95,000 is vital.
  • Solidifying Control: SuperBro argues that consolidating above the 2021 high and holding the five-week exponential moving average indicate sustained bullish control.

BTC/USD weekly chart emphasizing long-term trend and support structures.
BTC weekly chart. Source: Daan Crypto Trades

Toward a Potential $140K Rally

Technical indicators point toward significant upside. Analysts cite:

  • Cup-and-Handle Formation: Targeting $143,000 after breaking $109,000.
  • Bull Flag Pattern: Also suggesting targets above $143,000.

While short-term pullbacks and upcoming CPI data create uncertainty, the long-term technical picture for Bitcoin continues to point toward new all-time highs, potentially extending beyond $140,000.

BTC/USD chart with cup-and-handle pattern highlighting $143K target.
Cup-and-handle chart analysis. Source: TradingView

BTC/USD chart with bull flag pattern reinforcing potential upside.
Bull flag chart analysis. Source: TradingView

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.