The Bitcoin price is at an inflection point after attempts to break out of a long-standing consolidation were rejected by seller congestion at $72,000 on June 5.

The price has since retraced 7.5% from the said level, losing key support areas on its downward path.

Wednesday’s softer-than-expected U.S. Consumer Price Index (CPI) print did little to avert investors’ risk-averse behavior. The FOMC’s hawkish tone afterward accelerated the downtrend, as SEC Chair Gary Gensler’s assurance that spot Ethereum ETFs will be approved for trading by the end of summer was ignored

 Let’s look at the key levels to watch for BTC moving forward

Bitcoin price could drop a further 4% to $64,136

BTC’s price action since June 5 has been characterized by a series of lower highs and lower lows, leading to the formation of a descending parallel channel on the daily chart, as shown below

Bulls were fighting to keep the price above the middle boundary of the channel at $66,000. A daily candlestick close below this level would see BTC drop to seek solace from the lower boundary of the declining channel at $64,870

Below that, the next line of defense would emerge from the 200-day exponential moving average (EMA), which is currently at $64,136. This would represent a 4% drop from the current price

The downward movement of the relative strength index (RSI) reinforced this bearish outlook for Bitcoin. The price strength at 45 suggested that the sellers were in control of the price.

On the upside, Bitcoin could rise from the current levels if bulls manage to hold the price above the middle boundary of the channel and push it above the 100-day EMA at $67,000. Key levels to watch above that are the 50-day EMA at $68,220, the psychological level at $70,000 and the apex of the prevailing chart pattern at $72,937