The crypto market is retesting critical support areas as the U.S. Consumer Price Index (CPI) print surpasses expectations. The metric is used to measure inflation in the U.S. dollar, and it recorded an 8.6% increase year-over-year (YoY), the highest since 1981. Related Reading | TA: Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive This could turn the U.S. Federal Reserve (FED) more aggressive in its attempts to stop inflation. The financial institution began tightening its monetary policy which has translated into a reduction in global liquidity, and negative performance for risk-on assets, such as Bitcoin. The price of Bitcoin is back at $29,400 with a 3% and 3.5% loss in the last 24-hours and 7-days, respectively. The cryptocurrency made several attempts at returning to previous highs, but market conditions have contributed to an increase in selling pressure. A pseudonym trader presented two potential scenarios for Bitcoin in the coming months. The trader claims the market seems to have two targets in mind for the price of the number one crypto: either more downside to $20,000 or a push upwards to $40,000. As seen below, this trader believes Bitcoin could drop to $25,000 before returning to its current levels. This scenario contemplates Bitcoin forming a new range between its yearly lows and the low $30,000. The number one cryptocurrency, and the crypto market cap, might seem some relief later this year. However...
