Bitcoin (BTC<\/a>) treaded water below $28,000 on May 9 as markets prepared for macroeconomic data releases.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD acting near $27,700 at the day\u2019s Wall Street open.<\/p>\n The pair had seen deeper losses<\/a> the day prior, with a tap of $27,300 so far marking the local bottom.<\/p>\n Traders hoped that May 10 would provide some much-needed volatility<\/a> in the form of the United States Consumer Price Index (CPI) print for April. <\/p>\n One to watch, #CPI<\/a> figures due out tomorrow. High CPI to cause decline in risk assets and low CPI to cause a rally pic.twitter.com\/gnjGt1XuPV<\/a><\/p>\n \u2014 Matthew Dixon – CEO Evai (@mdtrade) May 9, 2023<\/a><\/p><\/blockquote>\n \u201cBitcoin still trending downwards, as $27,800 now becomes resistance. I\u2019m expecting a sweep lower again, and then we\u2019re ready to long your longs in anticipation of CPI,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, told<\/a> Twitter followers in an update.<\/p>\n Van de Poppe added that a bullish divergence in transaction volume was also needed to sustain a recovery.<\/p>\n Others were decidedly less optimistic, with popular trading resource Game of Trades predicting bearish moves to come.<\/p>\n Bitcoin is likely setting up for more downside:<\/p>\n Excess optimism ✅<\/p>\n Head and shoulders pattern ✅<\/p>\n Bearish momentum ✅ pic.twitter.com\/OpRasEmbBJ<\/a><\/p>\n \u2014 Game of Trades (@GameofTrades_) May 8, 2023<\/a><\/p><\/blockquote>\n \u201cA confirmed breakdown will have an implied target near the $24k region,\u201d it added<\/a> the day prior.<\/p>\n In part of his own analysis adopting a similar position, fellow trader Crypto Tony continued<\/a> to warn of more downside to come.<\/p>\n \u201cOnce we lose $27,000 then things should start escalating from here,\u201d he argued.<\/p>\n \u201c$25,200\u2013$24,200 are my main targets for now and where i will shed some profit.\u201d<\/p><\/blockquote>\n Eyeing its own targets, meanwhile, on-chain analytics platform CryptoQuant suggested realized price clusters as potential support.<\/p>\n Related:\u00a0BTC price may need a $24.4K dip as Bitcoin speculators stay in profit<\/a><\/em><\/strong><\/p>\n In one of its Quicktake<\/a> blog posts on May 10, contributor Abramchart flagged the area around $25,600 as the one to watch.<\/p>\n This came through the use of the UTXO Age Bands<\/a> metric, which measures the price at which various cohorts of BTC last moved.<\/p>\n \u201cThe closest support area is at 25619, which represents the average purchase price of wallets that bought Bitcoin within the last 3-6 months,\u201d Abramchart summarized.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/9d254a96-fe31-4ca8-946e-0493f132dd89.png\")
Bitcoin stays muted on eve of CPI<\/h2>\n
\n
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/4bd32b4a-bcd5-4859-bf98-e556ef4ab550.png\" "\\"\\"")
\n
![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/28d76b5d-cfb7-423d-a91e-e28ecc3819e3.jpeg\" "\\"\\"")
Realized price data joins bearish thesis<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/3558d57f-ac52-4dc1-8e6d-c44106e54edf.png\")