The US Producer Price Index came in higher on an annual basis today, and it arrived before tomorrow’s Consumer Price Index report. The data raised the chance of a Federal Reserve rate hike in September. Before the release, Fed WatchTool put that probability at 62.2%. After the release, it moved to 70%.

Bitcoin felt the shift quickly. The price faced selling pressure and dropped to around $76,000. That move put the market’s focus back on near-term levels, especially after BTC had recently pushed higher but failed to hold.

Bitcoin’s Range Still Looks Heavy

Garrett Jin, a well-known Chinese crypto whale, published an analysis today. He thinks Bitcoin’s current consolidation phase is far from finished. In his view, the recent rise to $82,300 was not enough. Because BTC could not stay there, the market has not yet entered a strong uptrend.

Jin points to $82,500 as a key level. Still, he says a simple break above it would not confirm a sustained move up. Bitcoin would need to hold above that price and attract stronger spot buying. If that happens, he sees $83,000 to $86,000 as the next target. That zone could act as major resistance and a selling area. He also warned that the first part of any rally may be slow and difficult. A lot of sell pressure was built there in earlier trading.

Downside Supports Traders Are Watching

On the downside, Jin sees the first important support at $76,000 to $77,000. If there is no upward breakout, he thinks BTC could fall back into that range. Should heavy selling break it, he says the next stops could be $74,000 to $75,000, followed by the more important demand zone at $72,000 to $72,500.

Jin also said he believes there is about a 70% chance that $60,000 marked the bottom of the current cycle. That is a forecast, not a certainty, and it depends on how price reacts at the levels above.

Another analyst, Killa, shared a more constructive view. He said that even if a correction comes, Bitcoin may only fall below $70,000 for a short time. BTC has risen 27% after trading sideways near its lows for about two months. Even so, the market has not fully accepted that a bull market has started.

Killa compared the current setup to Bitcoin’s bottom-forming process in 2022. In that example, a pullback was limited, and buying returned quickly after a gap was filled. He added that the gap around $70,000 in today’s market does not have to be completely filled. If a similar pattern plays out, BTC could briefly test $70,000, but he does not think a pullback to that level is required.

He also said that if the $73,000 to $75,000 area holds, Bitcoin could climb again toward $85,000. In a worst-case scenario, he still sees a capitulation above $69,000 as possible.

This is not investment advice.