US Inflation Data Will Be 'Messy' - 5 Things to Know About Bitcoin This Week

A powerful combination of CPI numbers and more make for a problematic week as Bitcoin price struggles.

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Bitcoin (BTC) begins another week in a precarious position near $20,000 ahead of another macro shakeout.

After admittedly sealing its best gains of the week since March, the biggest cryptocurrency is struggling to hold onto its recently recovered levels.

Major resistance areas remain overhead, and with inflation data due out later in the week, the next few days could prove unnerving for risk assets everywhere.

At the same time, crypto market sentiment is showing signs of recovery, and on-chain metrics continue to point to what should be Bitcoin's final macro bottom.

With conflicting data everywhere, Cointelegraph takes a closer look at potential factors for market action in the week ahead.

The 200-week moving average causes headaches

At around $20,850, the June 10 weekly close was hardly special for BTC/USD, but the pair still achieved its best seven-day growth in several months.

Ending Sunday $1,600 higher than its position at the start of the week, Bitcoin thus sealed progress not seen since March.

The success did not last, however, as the hours after the weekly close turned negative. At the time of writing, BTC/USD is targeting $20,400, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingView

Bitcoin's ability to maintain current levels could be key in deciding the mood this summer as global equities ease to erase some of its losses of the last few months.

Commentators, including the Decentrader trading suite, therefore watched the weekly chart with interest.

Weekly look at $BTC fu...