Bitcoin (BTC) Short Covering Likely As US CPI Numbers Could Surprise, Predicts Analyst

Bitcoin (BTC) experienced a slight decline on Tuesday, May 14, as it fell below the $62,000 mark. This drop was primarily driven by worries regarding the upcoming release of US macroeconomic data. As a result, over $100 million worth of Bitcoin long positions were liquidated within a 24-hour period, as reported by CoinGlass data. However, market analysts are predicting that this downward pressure could soon be relieved through short covering, especially if the US Consumer Price Index (CPI) numbers surprise investors. In such a scenario, Bitcoin may witness a rebound as investors scramble to cover their short positions.