Bitcoin Price Takes Hit Despite Drop in US CPI But Bulls Still In Control

Bitcoin price declined below the $36,000 zone. BTC tested the $34,650 support zone and is currently consolidating losses near $35,500.

Bitcoin declined heavily after the US CPI declined more than expected. The price is trading below $36,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $36,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could trade in a range before the bulls attempt a new increase in the near term. Bitcoin Price Revisits Key Support

Bitcoin price failed to surpass the $37,500 resistance. BTC started a fresh decline from the $37,423 high and declined below many supports. There was a move below the $36,000 and $35,500 levels.

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