Bitcoin's price has dropped by over 2% in the last 24 hours to around $96,150, potentially falling below $90,000 if it loses key support levels. The decline follows remarks from US Federal Reserve Chairman Jerome Powell, signaling a cautious approach to interest rate adjustments given ongoing inflation concerns. Traders are de-risking ahead of the US consumer price index (CPI) report, with expectations of persistent inflation. Bitcoin faces stiff resistance at the 50-day exponential moving average around $98,200, influencing market sentiment. A breakout above this level could push prices toward $106,000, while a fall below it could lead to a drop towards $88,000. Historical trends show that Bitcoin often experiences volatility around CPI releases, highlighting the interplay between macroeconomic factors and cryptocurrency pricing.

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