Bitcoin Price Shows Bullish Trend Ahead of Key Events

Bitcoin is currently trading above a crucial support level of $90,000 as traders anticipate important upcoming events, including the US inflation report, the Supreme Court ruling on Donald Trump’s tariffs, and the markup of the CLARITY Act.

Key Takeaways

Bitcoin is trading above $90,000, amid anticipation of several significant events.
Key upcoming catalysts include inflation data, the CLARITY Act markup, and SCOTUS ruling on tariffs.
Technically, Bitcoin is showing bullish patterns, suggesting a potential price rebound.

Bitcoin price forms a bullish pattern ahead of US CPI data, SCOTUS ruling, CLARITY markup - 1

Bitcoin Bitcoin is priced at $90,590 on Sunday, just shy of its year-to-date high of $94,470, and significantly above its November low of $80,000.

Key Catalysts Impacting Bitcoin This Week

Bitcoin will face three main catalysts this week:

On Tuesday, the Bureau of Labor Statistics will release the latest consumer price index (CPI) data. Economists surveyed by Reuters predict an increase of 2.7% in both headline and core CPI for December.
If inflation rises, this could negatively affect Bitcoin, as it may compel the Federal Reserve to maintain higher interest rates for a longer period. Conversely, a lower-than-expected figure could open up the possibility of rate cuts later this year. Additionally, a report published on Friday revealed a decrease in the unemployment rate to 4.4% in December, with the economy adding 55,000 jobs.
Bitcoin's price could also respond to the forthcoming markup of the Market Structures Bill, known as CLARITY. Should the Senate show signals of swiftly passing this bill, Bitcoin may benefit. The legislation aims to clarify the roles of the SEC and CFTC within the cryptocurrency sector.
Another significant factor will be the SCOTUS ruling regarding Donald Trump’s tariffs, determining their legality. An unfavorable ruling for Trump may prompt him to seek alternative avenues to achieve his objectives.

Bitcoin Price Technical Analysis

BTC price chart | Source: crypto.news

The daily chart indicates that Bitcoin has developed a very bullish pattern, suggesting a possible price rebound this week. It is forming an ascending triangle pattern characterized by a horizontal resistance line and an upward trendline.

Moreover, Bitcoin has moved above the 50-day Exponential Moving Average. A breakout above the key resistance level at $94,468 will validate the bullish sentiment and could lead to increased pricing, with the potential target set at the psychological level of $100,000. This target aligns with the Major Support and Resistance pivot point determined by the Murrey Math Lines tool.