Ahead of macroeconomic data releases, the price of Bitcoin (BTC) remained steady below $28,000 on May 9. The cryptocurrency was trading near $27,700 as Wall Street opened for the day, having experienced deeper losses the day before, hitting a local bottom of $27,300. On May 10, the United States Consumer Price Index (CPI) for April was due to be released, with traders hoping for increased volatility as a result. Some traders, such as Michaël van de Poppe, CEO of trading firm Eight, were optimistic about a recovery, suggesting that bullish transaction volume was necessary, while others, such as trading resource Game of Trades, predicted further bearish moves that could see BTC target the $24k region. On-chain analytics platform CryptoQuant identified $25,600 as a potential support level, using its UTXO Age Bands metric.
Bitcoin traders offer downside targets as BTC price risks sub-$25K dip
