Bitcoin faces $70,000 downside risk as Cleveland Fed nowcast sees April CPI at 3.56%

Bitcoin (BTC) is approaching the May 12 US CPI release as the Cleveland Fed nowcast projects April headline inflation at 3.56% year over year. Analysts say a daily-chart rising wedge could break down and pull BTC toward about $70,000, with support also seen around the 78.6K weekly open and 74–75K if that level fails.