Bitcoin’s upside has been limited by increasingly deteriorating macro conditions as oil prices continue to rise amid escalating tensions in the Middle East.The Houthis have intensified attacks against Saudi Arabia, including a reported strike on an administrative building at Saudi Aramco's Dhahran compound. The “energy ceasefire” between Russia and Ukraine failed to materialise and the US-Iran negotiations remain at a stalemate.Without some easing in those factors, the crypto market might remain under pressure as elevated yields and oil prices will likely continue to weigh on the risk sentiment.Today, all eyes will be on the US CPI report. Traders will mainly look at the core m/m measure as Fed officials have been focusing on the monthly pace of core inflation to determine how many rate hikes will be needed and how quickly they should tighten policy.An uptick to 0.3% might not be enough for the market to fully expect a hike in October, but a jump to 0.4% should do it. In such a scenario, we will likely see a selloff in Bitcoin on a hawkish repricing. An in-line or even lower than expected figure, on the other hand, could lead to a short-term relief rally for the cryptocurrency. BITCOIN TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that Bitcoinhas recently bounced from the 81,500 support zone. If we get another pullback into the support, we can expect the buyers to step in, 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 have a minor resistance around the 84,200 level. The sellers will likely continue to step in there, with a defined risk above the resistance, to position for a drop back into the support targeting a break below it. The buyers, on the other hand, will look for a break higher to increase the bullish bets into the 87,400 level next.BITCOIN TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor support around the 83,000 level. The buyers will likely continue to step in around the minor support, with a defined risk below it, to keep pushing into new highs. The sellers, on the other hand, will look for a break lower to pile in for a drop into the 81,500 support targeting a break below it. From a risk management perspective, though, it would be better to wait for the US CPI, as surprises could trigger big moves and make technical levels useless. The red lines define the average daily range for today.UPCOMING CATALYSTSToday we have the US CPI report. Tomorrow, 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.