Bitcoin Price Holds Ground Amid Inflation Report Confirmation

A recent inflation report has solidified market expectations for a rate hike, but its impact on Bitcoin's price is being closely monitored. Analysts already priced in this event and today's confirmation only reinforced their views.

The short-term target of $85,000 for BTC remains intact as long as the current momentum continues. This prediction would be invalidated if the 200-day exponential moving average (EMA) breaks down.

Currently, the price is testing the upper bound of a flag formation at $80,000 and may retest it during the weekend. If Bitcoin breaks past this resistance level, it could rally towards the short-term target of $85,000.