The largest cryptocurrency by market cap shed more than 4% of its value this week as hype over Bitcoin and Ethereum ETFs cools down.
Bitcoin price had risen sharply to touch $28.5k on October 2, 2023 amid excitement over ETF approvals, but the gains have since been wiped off the market.
Bitcoin Statistics
- Bitcoin Market Cap Dominance: 48.2%
- Bitcoin Market Cap: $522.82 billion
- Total Supply: 21 million
- Circulating supply: 19.512 million
Previous Analysis
Last week’s analysis as BTC price was showing a lot of promise since the price is above the 50-day and 200-day EMA in both daily and 4-hour charts. Nevertheless, the asset was still in the macro-consolidation pattern that has been going on for the past 6 months.
- Key Support Levels: $18,719, $15,591 and $25,095
- Key Resistance Levels: $28,400, and $31,765 and $49,068
- RSI Level: 45.87
BTC is trending above the 50-day EMA but below the 200-day EMA on the Daily chart. This indicates mixed sentiment among traders with the bulls and bears showing more or less the same amount of power.
Since September 11, when BTC formed its last monthly low, the asset has been forming lower highs, indicating that it’s on an uptrend. From the September 11 low to the October 2 high, BTC rallied 14.36%.
CPI Data Comes in Higher than Expected
The Consumer Price Index data for the month of September came out on Thursday October 12, 2023 and it was higher than expected by 0.4%. Furthermore, Core CPI (which is different from CPI), also came in 0.3% higher than expected.
The CPI data measures the change over time in the prices paid by consumers for a representative basket of goods and services. If it increased, it shows the price of goods and services increased, and the general cost of life in that month went up.
Since the release of the data, BTC has gone down 0.42%.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make investment decisions based solely on what you read here.