Ahead of the US producer price index (PPI) release, and the Federal Reserve Chairman’s speech on Thursday, Bitcoin (BTC) has been forming a bearish M chart pattern. Could this pattern play out and send Bitcoin back down to $96,000?
Important data releases and Fed Powell speech keenly awaited
Stock markets are holding their breath as important data is due to be released on Thursday. The main focus here is on the US producer price index (PPI) release, and unemployment claims. Fed Chairman Jerome Powell’s speech is also keenly anticipated. This might give clues as to any potential adjustments in interest rate policy.
M chart pattern danger
Source: TradingView
As can be seen in the 4-hour chart above, the $BTC price is approaching a critical point. An M pattern is still forming, and if the price should get down to the neckline at $100,760, break below, confirm, and continue down, the measured move could take the price down to just below $96,000, which would coincide with t
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