Bitcoin (BTC) recovered past the $70,000 threshold around the Wall Street open on Wednesday, finding modest support as the latest US inflation data met market expectations and provided a temporary sigh of relief for risk assets.
Key points:
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Bitcoin traded in a compressed range following the release of US CPI data that aligned with forecasts.
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Crude oil prices remained suppressed after the International Energy Agency confirmed an emergency release of 400 million barrels.
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Analyst attention is centered on a cluster of potential liquidations in the mid-$60,000 region as a key technical level.
Bitcoin Edges Higher as February CPI Matches Expectations
According to TradingView data, BTC/USD inched upward but failed to reclaim the local highs seen earlier in the week, highlighting a cautious market response. The February Consumer Price Index (CPI) print from the US Bureau of Labor Statistics (BLS) showed a 2.4% year-on-year increase, exactly in line with the consensus forecast.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
The BLS stated, “Over the last 12 months, the all items index increased 2.4 percent before seasonal adjustment.” This result offered a degree of stability for markets previously agitated by geopolitical tensions and concerns over oil supply disruptions. However, analysts note that the direct impact of recent Middle East conflict on energy costs is more likely to be reflected in the March CPI report.
US CPI 12-month % change. Source: BLS
“The market will now await March’s data,” observed trading resource The Kobeissi Letter via social media. The inflation picture has been inconsistent, with other recent gauges missing expectations in both directions, creating uncertainty ahead of the potential March shock from energy markets.
On the energy front, West Texas Intermediate (WTI) crude oil CFD prices stayed below the $90 per barrel mark. This followed the International Energy Agency’s (IEA) announcement of an emergency stock release totaling 400 million barrels—the largest coordinated drawdown in the agency’s history—aimed at stabilizing global supply.
CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingView
Trader Eyes BTC Price “Breakout Upwards” in March Amid Consolidation
Despite the positive CPI read, Bitcoin’s price action remained confined to a tight range, leading traders to adopt range-bound strategies rather than directional bets. Popular analyst Michaël van de Poppe summarized the tactic for his followers: “Very simple; buy the lower bounds, sell the higher bounds.” He maintains a bullish bias for the month, anticipating a breakout to test higher levels, but identifies buying opportunities on any significant dips.
BTC/USDT four-hour chart. Source: Michaël van de Poppe/X
Fellow trader Lennaert Snyder focused on potential downside liquidity, suggesting a local low could materialize near the $65,000 zone. In his analysis, he noted that Bitcoin had recently swept liquidity above $71,500 before rejecting, and was watching for a break of the ~$69,268 low to signal a move toward the clustered stop-losses around $65,957.
$BTC is compressing pre-CPI.
Bitcoin swept ~$71,563 liquidity and rejected like I mentioned yesterday.
I’m already in some shorts, and I’m willing to add if we get a MSB by losing the ~$69,268 low.
My short target will be the liquidity at ~$65,957. Letting 10% open for a… pic.twitter.com/DN3rb9lTha— Lennaert Snyder (@LennaertSnyder) March 11, 2026
