Bitcoin briefly spiked after April’s U.S. Consumer Price Index printed lower than expected but quickly reversed, slipping toward the $100,000 mark.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD unable to reclaim $104,000 as sellers dominated the Wall Street open on May 13.
“The all items index rose 2.3 percent for the 12 months ending April, after rising 2.4 percent over the 12 months ending March,” the Bureau of Labor Statistics reported.
“The April change was the smallest 12-month increase in the all items index since February 2021.”
Equity Rally Highlights Crypto Divergence
Stocks reacted more positively, with the S&P 500 and Nasdaq Composite up 0.7 % and 1.4 %, respectively.
Analysts at The Kobeissi Letter noted fresh year-to-date gains for equities, describing “historic moves in both directions” across asset classes.
Yet Bitcoin remained range-bound, signaling lingering caution after recent liquidity sweeps above and below current prices.
Traders Eye Liquidity Gap
Popular analyst Daan Crypto Trades described a textbook run on order-book clusters that left BTC poised for its next decisive move.
“That’s all the big clusters above and below taken out now. Good liquidity grab on both sides,” he wrote.
“From here on out we’ll just have to wait and see as the market ranges a bit and figures out what it wants to do. No massive liquidity levels nearby so spot will have to be leading.”
Pullback Still “Completely Fine,” Says Van de Poppe
Fellow strategist Michaël van de Poppe echoed the sentiment, suggesting dips to $97.5K–$98K would not break the broader uptrend.
“Bitcoin is stalling here for a little bit, which is completely fine,” he noted.
“Even if it goes back to $97.5-98K, we’ll still be in an uptrend and building up for new ATHs.”
Macro Tug-of-War Continues
In a bulletin to clients, QCP Capital framed Bitcoin’s behavior as a clash between its “digital gold” narrative and its role as a risk-on proxy.
“BTC remains caught in a tug-of-war between its identity as ‘digital gold’ and its function as a risk-on proxy. This tension continues to obscure its directional conviction,” the firm wrote.
“As the macro narrative moves from protectionism toward renewed trade optimism, BTC could remain range-bound.”
Binance’s Teng Sees Bitcoin Pulling Ahead
Offering a contrasting view, Binance CEO Richard Teng highlighted Bitcoin’s outperformance versus traditional assets since early April.
“While traditional markets recover, Bitcoin’s already leading the pack,” he told X followers.
“With double-digit gains following key global events, BTC is reinforcing its position as a resilient alternative asset—outperforming gold, the S&P 500, and the Nasdaq year-to-date. The momentum is undeniable.”
Volatility Expected to Return
Order-book data from CoinGlass shows thinning liquidity near spot, a setup that often precedes sharp directional moves.
If sellers exhaust their ammunition without breaching key support, bulls may attempt another assault on the all-time high.
Conversely, a decisive break below $97,000 could expose bids in the mid-$90Ks, an area of interest for both derivatives traders and long-term accumulators.
Key Levels to Watch
Market participants are tracking $104,000 as immediate resistance and $97,500 as first-line support, with $102,000 acting as a liquidity magnet in between.
Resolution of this range may hinge on upcoming macro catalysts, including revised GDP data and further commentary from the Federal Reserve.
For now, Bitcoin’s price narrative remains one of patience—yet its comparative strength continues to attract institutional eyes.