Bitcoin — Still Heading Toward 57k?

Yesterday was quite a volatile day for Bitcoin and the entire crypto market. Bitcoin pumped and dumped ~5% in just a few hours.

However, despite the volatility, Bitcoin couldn't manage to gain substantial upward momentum. Tomorrow, the latest U.S. Consumer Price Index (CPI) will be released. The numbers have a high impact on potential rate cuts.

Therefore, I don't expect substantial upside momentum before the announcement. Based on recent performance, I expect Bitcoin and the market to go slightly lower.

Trade Update - Dynamic Reversal Band:

As mentioned yesterday, I am currently developing a new trade strategy called Dynamic Reversal Band. It's a blend of Bollinger Bands, Stochastic RSI, EMA, and ADX. The strategy flashed an entry on Friday. Based on backtests, I opened a short trade with a 6.5% profit target and 2.5% stop loss. The trade is still ongoing.