Bitcoin is currently experiencing profit-taking around the $106,000 mark, which is seen as a crucial point before potential attempts to reach new all-time highs. Observations show a bearish breakout from an ascending channel, indicating that traders may liquidate positions if prices dip below $100,000. The market response to the upcoming US Consumer Price Index (CPI) data, to be released on May 13, is of particular interest, as a lower-than-expected CPI could boost Bitcoin, while a higher CPI might increase selling pressure. Bitcoin has recently fluctuated, posting a 3% dip after reaching an intraday high of $105,800. Experts warn of a risk of liquidation for over $3.4 billion in leveraged long positions if prices fall significantly. Key levels to watch remain between $100,500 and $99,700, with another significant range between $98,680 and $97,363 indicating deeper corrections may occur depending on the CPI outcome. Overall, traders are advised to exercise caution amid heightened volatility ahead of the CPI announcement.

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