Bitcoin Price Prediction: Key Support Level to Watch Amid US CPI, Other Headwinds

Overview
Bitcoin bulls recently failed to hold above the critical $122K mark, with the cryptocurrency reversing gains and falling below $119K. This drop, largely driven by ongoing macroeconomic concerns—including a looming US CPI report—has traders on high alert. Analysts predict that a break below the key support level at $116.8K might trigger a significant selloff.

Recent Price Trends
After reaching heights near $122K, Bitcoin experienced a sudden downturn. The selloff came amid concerns over inflation spikes and other economic uncertainties in the global market. Such macro factors have not only affected Bitcoin but also had repercussions across the cryptocurrency market.

Technical Analysis & Forecasts
Analysts emphasize the importance of the $116.8K support level. If Bitcoin cannot hold above this level, historical trends suggest a potentially major downfall. Investors have noted that similar pressure points in the past led to cascading selloffs, further intensifying market volatility. On the flip side, a recovery and sustained gains above the current levels could signal renewed market confidence.

Coin Performance & Global Trends
While Bitcoin remains the flagship of the cryptocurrency market, other leading coins have also felt the impact. Global crypto markets are still in a state of flux, with diverse performance trends emerging across altcoins. Experts advise that in times of global economic uncertainty, paying attention to key support levels, such as Bitcoin's $116.8K mark, can provide a strategic edge in risk management.

Outlook and Key Considerations
Investors should prepare for potential volatility in the near term as Bitcoin navigates macroeconomic challenges. Keeping an eye on pivotal price points and emerging trends will be essential for risk mitigation. With voice search and featured snippets in mind, remembering terms like "Bitcoin price prediction" and "support level during US CPI" might help unlock valuable insights quickly.