Key points:
Bitcoin fails to capitalize on lower-than-expected US CPI data, seeing a Wall Street sell-off for a second day.
Traders see 
BTCUSD buying time before its next move, and a trip below $100,000 is on the cards.
Bitcoin is showing “undeniable” momentum against gold and stocks, Binance’s Richard Teng says.
Bitcoin BTCUSD saw a repeat sell-off at the May 13 Wall Street open as bears ignored positive US inflation data.
BTC price stagnates after CPI inflation cools
Data from Cointelegraph Markets Pro and TradingView showed BTCUSD again heading lower after failing to reclaim $104,000 as support.
The downside came despite the April print of the US Consumer Price Index (CPI) coming in below expectations in what should be good news for risk assets.
“The all items index rose 2.3 percent for the 12 months ending April, after rising 2.4 percent over the 12 months ending March,” an official release from the US Bureau of Labor Statistics (BLS) confirmed.
US stocks opened higher, with the S&P 500 and Nasdaq Composite Index up 0.7% and 1.4%, respectively, at the time of writing.
Reacting, trading resource The Kobeissi Letter noted that the S&P 500 had now delivered net upside year-to-date.
“The S&P 500 has technically entered a new bull market, up 20% since April. We are seeing historic moves to both directions in both stocks and commodities,” it wrote in part of a thread on X.
BTCUSD meanwhile surfed nearby order book liquidity around spot price. For popular trader Daan Crypto Trades, the stage was now being set for fresh volatility.
“That's all the big clusters above and below taken out now. Good liquidity grab on both sides,” he summarized alongside data from monitoring resource CoinGlass.
The day prior, Daan Crypto Trades had forecast a retest of $102,000 based on liquidity clusters, a move which subsequently played out.
“Bitcoin is stalling here for a little bit, which is completely fine,” crypto analyst and entrepreneur Michaël van de Poppe continued.
Teng: Bitcoin momentum “undeniable”
Assessing the ongoing macro implications for BTC price action, trading firm QCP Capital considered the chances of the market trending sideways in the short term.
“BTC remains caught in a tug-of-war between its identity as ‘digital gold’ and its function as a risk-on proxy. This tension continues to obscure its directional conviction,” it wrote in its latest bulletin to Telegram channel subscribers on the day.
Others remained strong in their conviction over the general market trajectory, including Richard Teng, CEO of crypto exchange Binance.
“While traditional markets recover, Bitcoin’s already leading the pack,” he told X followers while comparing returns since the April 2 “Liberation Day” enacted by US President Donald Trump as he unveiled reciprocal trade tariffs.
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Select market data provided by ICE Data services. Select reference data provided by FactSet. Copyright © 2025 FactSet Research Systems Inc.© 2025 TradingView, Inc.
