Bitcoin Price Prediction: As US CPI Rises More Than Expected, Analysts Say Consider This ICO Offering Huge Staking Rewards For DOGE, SHIB, And PEPE
The Bitcoin Price rose a fraction of a percent in the last 24 hours to trade at $60.373 as of 03:40 a.m. EST on trading volume that rose 7% to $30 billion.
This comes as the US consumer price index (CPI) increased a seasonally adjusted 0.2% in September, putting the annual inflation rate at 2.4%. Both were 0.1 percentage points higher than expected.
Meanwhile, core inflation, excluding food and energy, increased 0.3% on the month, putting the annual rate at 3.3%.
Bitcoin Price Aims For A Bullish Trend Reversal
According to data from GeckoTerminal , the Bitcoin price appears to be in a sideways to slightly bearish phase, as the bulls struggle to keep it above $66,000.
The recent downtrend from the $62,200 support allowed the bears to push Bitcoin’s price below both the 50-day and 200-day Simple Moving Averages (SMAs).
The Relative Strength Index (RSI) is in the lower-middle range, currently at 42, leaning slightly towards oversold territory (below 50 but not yet below 30). This suggests the asset is in a bearish phase but not yet heavily oversold, leaving room for further downside or consolidation before a potential reversal.
The highlighted Fair Value Gap (FVG) box near the $57,500 level represents an inefficiency or gap in price action where the market may revisit to fill orders. The price of Bitcoin recently bounced from this area, suggesting it’s a strong demand zone.
Currently, the Bitcoin price has not yet filled the FVG. In such a scenario, the Bitcoin Price could plunge even further down to the $57,500 support zone.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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