The recent bullish spike by BTC seems to be getting undone on Tuesday after higher-than-expected CPI data sent risk-related assets on a southward move.
The benchmark cryptocurrency, which was on track to reclaim the 23K mark for the first time since August 19, now struggles to retain the 21K support.
That said, BTC would need to catch itself soon and position itself for a possible bullish rally from the Ethereum Merge event. In the meantime, I do not see a sustained decline past the 20K support.
Meanwhile, my resistance levels are at $21,000, $22,000, and $23,000, and my key support levels are at $20,500, $19,000, and $19,500.