Bitcoin remained stagnant below $28,000 on May 9 as investors awaited macroeconomic data releases. The cryptocurrency was trading near $27,700 at the day's Wall Street open, after experiencing deeper losses the day before. Traders were anticipating the United States Consumer Price Index (CPI) print for April on May 10, hoping for some much-needed volatility. While some traders were optimistic about a recovery, others predicted further downside, with one analysis suggesting a potential target near the $24k region. On-chain analytics platform CryptoQuant suggested realized price clusters as potential support, with the area around $25,600 flagged as one to watch.
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