The cryptocurrency market was briefly in a state of panic on the evening of the 12th due to the US consumer price index for January being higher than expected. Data showed that the CPI increased by 0.5% month-on-month, the largest single-month increase in nearly two years, deepening market concerns about the Federal Reserve potentially delaying rate cuts. However, as the market calmly digested the data, investor panic began to subside, and they realized that more economic indicators were needed to confirm the inflationary trend. As for Bitcoin, it was affected by the CPI data and briefly fell to $94,000, but then quickly recovered the decline, breaking through $98,000 at 6:30 am this morning, reaching a high of $98,120, a 4.29% rebound from the evening low, recovering the decline over the past 24 hours and rising 2.3%. According to the 4-hour chart of Bitcoin, the current price is fluctuating near the middle Bollinger Band, and is close to the lower band, indicating that the price may break downward in the short term. If the price further breaks through the lower band, a downward trend may occur. If the price rebounds back above the middle band, attention should be paid to the reversal of the market. According to the KDJ indicator on the 4-hour chart of Bitcoin, the K-line value and D-line value are both at relatively low levels, and a downward cross has occurred, indicating that there may be a further downward trend in the short term. Additionally, the J-line value is below the 50 level, indicating that the current market is in a strong downward trend, but there is also the possibility of oversold conditions, and the opportunity for a short-term rebound still exists. According to the MACD indicator on the 4-hour chart of Bitcoin, the DIF line and DEA line are both below the 0 axis and remain in a downward state, indicating that the bearish force in the market is relatively strong. At the same time, the green histogram of MACD is gradually shortening, showing signs of weakening of the bearish force. If the DIF line and DEA line rise and break through the 0 axis, it may signal a market reversal. In summary, the market is currently in a state of sideways consolidation, with the price fluctuating around the middle Bollinger Band. MACD shows strong bearish momentum, but KDJ has signs of a short-term rebound. If the price breaks through the lower band, it may continue to decline. If the price breaks through the upper band or MACD starts to rebound, it may turn to an upward trend.