- While the crypto market has failed to trigger the long-anticipated bull run, the leading cryptocurrency struggles to make a significant breakout in the crypto space.
- The US Consumer Price Index (CPI) inflation data is expected to be released today. According to the latest reports, the core CPI is expected to show an annual increase of approximately 4.1% and a monthly increase of 0.3% for September.
- As Bitcoin bulls gain strength and hold their prices above the support level, prices will test the $27,100 resistance level soon.
The highly anticipated critical inflation reports in the USA will be announced today: How will the Bitcoin price be affected by these reports?
Inflation Reports in the US Today
While the crypto market has failed to trigger the long-anticipated bull run, the leading cryptocurrency struggles to make a significant breakout in the crypto space. Bitcoin’s price remains on the verge of a major breakout while hovering around a critical support area.
Furthermore, the US Consumer Price Index (CPI) inflation data is expected to be announced today. According to the latest reports, the core CPI is expected to show an annual increase of approximately 4.1% and a monthly increase of 0.3%, indicating continued inflation. The headline inflation is expected to be reported at 3.6% on an annual basis, with a monthly expectation of 0.3%.
Bitcoin’s price has exhibited significant price fluctuations since mid-September. The cryptocurrency had been trading within a rising channel and climbed above $28,000 thanks to a support trendline, reaching as high as $28,584. Following this, Bitcoin underwent a trend reversal leading to a price drop. Additionally, the cryptocurrency is trading in a descending channel and broke the $26,800 support zone.
In the early hours today, Bitcoin displayed a morning star pattern, indicating the possibility of a bullish recovery. However, the price rapidly showed a trend reversal on the chart, indicating bearish momentum in the market. On the other hand, the MACD indicates a decrease in the red histogram, suggesting a potential increase in BTC price in the coming days.
Will BTC Price Reclaim $28,000 Soon?
If Bitcoin bulls gain strength and keep their prices above the support level, prices will soon test the $27,100 resistance level. Additionally, if the CPI data supports the crypto industry, Bitcoin’s price will experience a significant price movement on the chart, likely pushing the cryptocurrency toward the upper resistance level of $27,400 this week.
Furthermore, if a bullish sentiment prevails in the market, and cryptocurrencies gain momentum, BTC price will soon retest $28,000. On the other hand, if Bitcoin fails to break out of the descending channel and bears overpower bulls, the price will continue to decline.
Moreover, if BTC cannot hold its price above $26,800, the cryptocurrency will experience strong bearish pressure and be ready to test the lower support level of $26,451.
