Bitcoin had a negative day yesterday as the broader crypto market came under pressure after crude oil surged to new weekly highs. In the Asian session, though, oil prices pulled back and we saw a quick reversal in many risk assets, including bitcoin. The geopolitical situation remains basically unchanged as the Houthis continue to attack Saudi Arabia, while the US-Iran negotiations are in a deadlock. Unless the Fed turns more dovish, the geopolitical risks will likely continue to cap the upside.Looking ahead, tomorrow we get the US CPI report, which is going to be a key near-term catalyst. Higher than expected core inflation could trigger a selloff in bitcoin on a hawkish repricing and increased rate hike probabilities for October. A soft report, on the other hand, might give the cryptocurrency a short-term boost. BITCOIN TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that Bitcoinis rebounding from the support zone around the 81,500 level. The buyers will likely continue to step in around the support, with a defined risk below it, to keep targeting a rally into the 98,000 level. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop into the 75,000 level next. BITCOIN TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see more clearly the rangebound price action of the last few weeks. From a risk management perspective, the buyers will continue to have a better risk to reward setup around the 81,500 support to keep targeting new highs, while the sellers will be better off shorting from the 87,400 resistance or wait for a break below the support. BITCOIN TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor support around the 83,000 level. If we get a pullback, we can expect the buyers to step in there, with a defined risk below the support, to position for a rally into the 87,400 resistance. The sellers, on the other hand, will look for a break to extend the pullback into the 81,500 support targeting a break below it. The red lines define the average daily range for today.UPCOMING CATALYSTSTomorrow we have the US CPI report. On Thursday, we get the US PPI, the US Retail Sales and the latest US Jobless Claims figures. This article was written by Giuseppe Dellamotta at investinglive.com.