QCP Capital says U.S. CPI, Treasury yields to set BTC’s short-term direction

BTC is facing downward pressure ahead of the U.S. consumer price index release, and the outcome of the data along with Treasury yields will determine its short-term price direction, crypto trading firm QCP Capital said. QCP Capital said BTC had fallen from $82,000 to around $77,000 and was down about 2% on both a weekly and monthly basis. The firm added that expectations for U.S. Treasury-driven liquidity to support Bitcoin prices were also fading as the U.S. 10-year Treasury yield approached 5%. If core CPI comes in below expectations or matches market forecasts, Bitcoin could retest the $80,000-$82,000 resistance range, QCP Capital said. If inflation comes in hotter than expected and the 10-year Treasury yield rises above 5%, support at $76,300-$76,500 could break, opening the way for a further drop to $74,000-$75,000, according to the firm.