Bitcoin hits 2-week low on US inflation data — When will BTC price bounce?

Bitcoin (BTC) hit new October lows after the Oct. 11 Wall Street open, as one analyst hailed the “last stage” of the cryptocurrency bear market.BTC/ USD 12-hour chart. Still monitoring the lower limits here for possible entries,” Michaël van de Poppe, creator and CEO of MN Trading, commented on X.Having already lost $1,000 because a “death cross” completed on the everyday chart at the start of the week, Bitcoin hence struck its most affordable levels because Sept. 29.” Will wait for close but looking like a rejection so far also last area for bulls to do something imo ~ $26.8 K,” he told X subscribers about the four-hour chart.At the exact same time, fellow trader Daan Crypto Trades noted multi-month highs in open interest, with high levels having set off bouts of volatility that defined the very first week of the month.

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Binance order book shows thin bidsPrior to the PPI release, monitoring resource Material Indicators showed an absence of quote support on the BTC/USD order book on the biggest international exchange, Binance. Source: Material Indicators/X”This mornings YoY Core PPI report shows this metric trending up because July,” co-funder Keith Alan wrote in part of his subsequent commentary.Alan included that the interest rates might remain at current levels without relief for danger properties longer than was previously anticipated.”Im not an economic expert, but I translate that as high(er) for longer,” he concluded.This article does not contain financial investment suggestions or suggestions.

Bitcoin (BTC) hit brand-new October lows after the Oct. 11 Wall Street open, as one expert hailed the “last” of the cryptocurrency bear market.BTC/ USD 12-hour chart. Source: TradingViewBitcoin traders stress value of $26,800 Data from Cointelegraph Markets Pro and TradingView showed further BTC rate weak point emerging, costing bulls $27,000 support.At the time of writing, the biggest cryptocurrency was headed toward $26,600 as downside acquired momentum.The move followed United States inflation information in the kind of the Producer Price Index (PPI), the September print for which was available in above expectations– 2.2% versus 1.6% year-on-year (YoY). This contributed to issues about remaining U.S. inflation pressures, with dollar strength up and run the risk of properties down.Producer Price Index (PPI) chart. Source: U.S. Bureau of Labor Statistics” PPI can be found in hotter than expected, suggesting that the DXY will probably have a bounce upwards and Bitcoin some corrections south. Still keeping track of the lower limits here for prospective entries,” Michaël van de Poppe, creator and CEO of MN Trading, talked about X.Having already lost $1,000 considering that a “death cross” completed on the daily chart at the start of the week, Bitcoin thus struck its most affordable levels because Sept. 29. In so doing, it canceled out its previous October gains and removed the months status as a timeless “Uptober.”” The last phase of the bearish market for Crypto,” van de Poppe continued. “We might be reversing here currently in October, entering into an uptrend in November (retesting the $26,800 area) or we might be reversing at the end of December for a pre-halving & & ETF rally. Excellent times are ahead for Bitcoin.” Following the action, popular trader Skew likewise highlighted $26,800 as a crucial level within the existing range.” Will wait for close but looking like a rejection up until now also last location for bulls to do something imo ~ $26.8 K,” he informed X subscribers about the four-hour chart.At the exact same time, fellow trader Daan Crypto Trades noted multi-month highs in open interest, with high levels having set off bouts of volatility that defined the very first week of the month. #Bitcoin At its highest Open Interest level given that the August dump.Usually this is satisfied by some kind of squeeze from this point. pic.twitter.com/IZuhVbt6lt— Daan Crypto Trades (@DaanCrypto) October 11, 2023