BlockBeats News, May 10th. After experiencing a relatively stable weekend, the price of Bitcoin started to trend upwards, avoiding dropping back below $80,000. However, the price failed to hold after rising to nearly $83,000 midweek, and traders believe Bitcoin needs to retest the support level — they are now reiterating this.

Of particular note is the "Bull Market Support Band" — two moving averages below $80,000. Analyst Cryptic Trades stated: "On the lower timeframes, following rejection at the resistance zone on higher timeframes, I believe the most likely outcome is a short-term retracement to the 2-day bull market support band, a strong reversal area over the past few months." He added: "As long as the price continues to hold above this support band and the broader higher timeframe support zone (around $75,000), I still see further upside as the most likely outcome." Trader Daan Crypto Trades agrees with this view, labeling the initial breakthrough of the support band as a "messy breakout."

In terms of inflation, ahead of the release of the new round of US inflation data next week, trader Killa warned that the strong BTC price might face headwinds again. The April Consumer Price Index (CPI) is set to be released on Tuesday, expected to reflect the ongoing impact of the US-Iran conflict and rising oil prices on the economy. Killa wrote on X: "Already priced in." He added: "BTC has risen after the last two CPI releases. However, if we look at the price action around the 2025 CPI, we might see significant players starting to de-risk ahead of the event." Key support levels to watch include near the bull market support band, and if breached, $74,000 will become a focal point.