Bitcoin Traders Eye $82,500 Support Zone Ahead of US CPI, PPI Data
Traders are watching ETF outflows and inflation data as a stronger reading could push Bitcoin below $80,000, analysts said.
- Bitcoin defended critical support at $82,500 this week, avoiding a decline into its previous macro range of $60,000 to $80,000 ahead of Wednesday's U.S. Consumer Price Index report.
- Markets anticipate a 3.7% year-on-year rise in CPI this month, with traders hoping softer inflation data could reduce the 18.8% probability of a Federal Reserve rate hike on October 28.
- Farside Investors documented $484.9 million in Bitcoin ETF outflows on October 7, the largest daily withdrawal since June as institutional demand remains uneven.
- President Donald Trump announced a deal to purchase 300,000 tons of Russian diesel and an "energy ceasefire" between Russia and Ukraine, though the plan faces bipartisan backlash.
- On Thursday, Producer Price Index and retail sales data will provide further market direction, while investors monitor Treasury yields with the 10-year yield recently at 5.24%.
21 Articles
21 Articles
Bitcoin faces $80K risk or $86K rebound on CPI: analysts
Bitcoin has rebounded above $83,000, according to ViaBTC’s Jeff Ko, as analysts have identified a drop below $80,000 or a recovery toward $86,000 as possible outcomes of this week’s U.S. inflation report. Jeff Mei, chief operating officer at BTSE, told…
Top-tier altcoins by market cap weaken together... Only a few like Chainlink show slight gains - With the November US midterm elections approaching, this week's volatility is a turning point due to factors such as remarks by Fed Chair Kevin Warsh. Bitcoin, the leader of the cryptocurrency market, [is [attaining] the release of major economic indicators]
Bitcoin Holds $82,500 as CPI Data and Fed Rate Odds Rattle Crypto Markets
Bitcoin isn’t moving much. But the tension underneath the surface is real. The world’s largest cryptocurrency closed its weekly candle… Read the original on Bitcoin Stays Above $82,500 as CPI Data Fuels Market Tensions. For more crypto news and analysis, visit TheCurrencyAnalytics.com.
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