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.
Will Bulls Keep $26500 Afloat or Sink?
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.
Technical Views:-
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
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.
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