Bitcoin is under selling pressure, unable to breach the 200-day moving average, and slipping below the $27,000 support level due to heightened volatility from US Federal Reserve interest rate hikes. Notably, Bitcoin remained unfazed by a 3.7% YoY inflation increase in September, surpassing the 3.6% forecast. With five days of losses, Bitcoin could drop to $26,000 unless bulls lift it above Monday's lows, impacting other cryptocurrencies, which are also reaching monthly lows.
Bitcoin has seen a five-day decline with BTC/USD trading within a $200 range. This drop precedes the release of the U.S. consumer price index, keeping Bitcoin near late-September levels. It's currently in the $26,500 to $27,000 support zone, potentially aiming for $28,000 if it holds above $26,500 and the 50-Day Moving Average.
According to Coingabbar Price Analysis,The daily chart for Bitcoin indicates a break below the falling wedge pattern, with current consolidation above the $26,550 mark and the 50-day EMA. While there's potential for an upward correction, resistance is expected around $27,400 and $27,500. On the hourly chart, BTC is stuck in a tight range between $26,550 and $27,000, with an impending breakout to define its next direction. Trading below the wedge pattern increases the likelihood of bearish trends towards the $25,000 level.
KEY LEVELS :
RESISTANCE LEVEL : $27,200-$27,500
SUPPORT LEVEL : $26,500-$26,000
Are cryptocurrency prices on a downward trend, with the potential for a new rally? Which cryptocurrencies are advisable to buy during this dip? Is the investor sentiment shifting to disbelief, and how might it affect Bitcoin's price? What's Bitcoin's future, considering the recent CPI data – could it hit $28,000 or dip to $25,000? Please share your views in the comment box below.
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
