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      Bitcoin Faces Key Support Level Ahead of US CPI Report

      Bitcoin has dropped to a significant support level of $76,000, influenced by a strong US Non-Farm Payroll (NFP) report and rising oil prices, which have heightened expectations for Federal Reserve interest rate hikes. The recent escalation of tensions in the Middle East, particularly between the US and Iran, along with attacks on Saudi energy facilities by Yemen's Houthis, has contributed to a surge in oil prices, pushing West Texas Intermediate (WTI) crude oil above the psychologically important $100 mark.

      Market analysts are closely monitoring the Core Consumer Price Index (CPI) report, as it is a key focus for Federal Reserve members. Recent comments from Fed official Christopher Waller indicated that a surprising increase in the monthly core reading could lead to a rate hike in September. Currently, traders are pricing in a 67% likelihood of such a hike at the upcoming Federal Open Market Committee (FOMC) meeting, with expectations that a soft Core CPI could provide a short-term boost for Bitcoin.

      On the technical front, Bitcoin's recent rejection of the $82,500 resistance has led to a pullback to the $76,000 support level. Analysts suggest that buyers may step in at this support, while sellers will be looking for a break below this level to increase bearish positions. The market's reaction to the upcoming CPI report could significantly influence Bitcoin's trajectory in the near term.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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