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Bitcoin (BTC) Price Consolidates Above $27K, Investors Await US CPI Inflation Data Release To Anticipate Upcoming Market Bias.
●Bitcoin is likely to retest the critical support at $27K following the overall bearish sentiment.
●The price has already broken the 50-EMA support, with RSI dropping below 50, indicating a potential downtrend ahead.
●US CPI Inflation data expected to release on May 10 (8:30 AM EST) can play a deciding role in the next BTC price trend.

Bitcoin has been consolidating above the critical support at $27,000 since the price failed to exceed the psychological barrier at $30,000. Although the 50-day exponential moving average (EMA) has been acting as a strong support is currently broken near the $28,000 mark.

If the chart prints a valid bearish breakout at $27K, the $25K zone near the current 200 EMA level will be the next possible downside target for BTC. Additionally, the RSI recently fell below the 50% level, indicating a likely collapse following the bearish momentum signal in the near term.

Technically, Bitcoin will remain under an overall bearish sentiment until the price exceeds the 50 EMA and regains its position above the immediate resistance at $28,500. Alternatively, a potential break of the current support at $27,000 will validate the current Head and Shoulder pattern plotted on the daily chart. In such a case, BTC will be at risk of crashing to $25,000 and initiating a long-term downtrend.

The US Consumer Price Index (CPI) data release, scheduled for May 10 at 8:30 a.m. EST, is quickly approaching. Every market participant, including the cryptocurrency market, is waiting with expectation. As investors wait for the Federal Reserve's (Fed) statement, which could influence them to anticipate the upcoming trend of Bitcoin price.