Bitcoin price experienced a bearish breakout from an ascending channel, signaling a potential profit-taking opportunity near $106,000. The US Consumer Price Index (CPI) release on May 13 could impact Bitcoin, with a lower CPI potentially boosting the cryptocurrency while a higher CPI may lead to bearish pressure and a price drop below $100,000. On May 12, BTC reached $105,800 before dipping to $101,400 during the New York trading session. Alphractal noted that BTC approaching $106,000 resistance levels increases the risk of profit-taking. The liquidation standpoint indicates a potential “long” squeeze, with over $3.4 billion in leveraged long positions at risk if prices fall to $100,000. Traders are de-risking ahead of the CPI release, with a lower-than-expected CPI potentially signaling Federal Reserve rate cuts and benefiting risk assets like Bitcoin. However, a higher-than-expected CPI could strengthen the dollar and pressure BTC. Key support levels for BTC include $100,500 to $99,700 and $98,680 to $97,363 on the four-hour chart, representing an 8% correction from recent highs. This article emphasizes that it does not offer investment advice and readers should conduct their own research before making decisions.