Bitcoin faces numerous hurdles as the anticipation of Consumer Price Index (CPI) incites a significant macro week for risk asset markets.

Bitcoin BTC $26,161 managed to cross the $26,000 mark on June 13, with analysts closely observing resistance above.

Bitcoin Price: Straddling Trend Lines

Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD is striving to secure $26,000 as a support level post the daily closure.

The pairing witnessed an unusually tranquil start to the week, even amidst the continuing repercussions from U.S. legal actions and markets bracing for a wave of macroeconomic data unveilings.

Thus, Bitcoin maintained its steady course within a narrow range established mid-weekend.

Crypto Tony, a widely-followed trader, cautioned on the day’s Twitter analysis about any significant trades, given the high-risk factor. He also alluded to the possible upside should the support level flip.

Meanwhile, the trading platform DecenTrader pointed out several resistance barriers that Bitcoin needs to surmount next. It highlighted that funding rates were on the rise, signaling a potential shift in the trend might already be underway.

Optimism also stemmed from other traders, including Moustache and Michaël van de Poppe, founder and CEO of trading firm Eight. They noted that BTC/USD still adheres to trend lines, especially the 21-week and 200-week exponential moving averages (EMAs).

“We’ll ascertain in the coming days whether this is going to hold, or we’ll persist on this downward slope,” Van de Poppe commented on the 200EMA a day earlier.

The Arrival of CPI Day

The spotlight for the week’s macroeconomic data releases is on the Consumer Price Index (CPI), scheduled for June 13, just one day before the Federal Reserve announces changes in interest rates.

The Fed is predicted to hit the pause button on interest rate hikes, which would end a streak of 10 consecutive hikes and denote a long-awaited policy shift.

Although this could potentially benefit risk assets, including crypto, not all were positive about the effects of an interest rate freeze.

“The Fed will likely maintain a hawkish stance, but the pivotal question is whether they will retain rates where they are (effectively tightening the policy) if inflation drops further,” opined analytics account The Long View in part of its latest Twitter analysis.

As per CME Group’s FedWatch Tool, market odds of a rate freeze hovered around 75% at the time of writing.

“The Fed is highly aware that if they resort to cuts like past cycles, they would reignite rate-sensitive sectors, thereby undermining their efforts,” the account added.