Bullish Reversal Brewing? Bitcoin Price Predictions Unveiled with Release of US Core Inflation Data!

Analysing the Impact of US Core Inflation Data on Bitcoin's Price Is a Bullish Reversal on the Horizon?

Have you heard the latest buzz in the financial world? The recent US inflation data has got everyone talking and speculating about the potential trajectory of Bitcoin. It’s like watching a thrilling roller coaster ride with twists and turns that keep us on the edge of our seats!

The September consumer price index showed a steady rise of 3.7%, leaving analysts stunned. They were expecting a minor downturn, but the rate remained consistent, just like a long-distance runner maintaining their pace. Even monthly inflation saw a slowdown, going from 0.6% to 0.4%.

But here’s the silver lining – the “core” inflation rates remained stable at 0.3% month on month. It’s like those superhero movies where the hero saves the day, despite all the chaos happening around them. These core inflation rates exclude the unpredictable energy and food prices, becoming the beacon of stability in the midst of economic waves.

Now, let’s bring our attention to the star of the show – Bitcoin! With a circulating supply nearing its maximum, this digital asset is attracting all the attention. Just like a celebrity surrounded by paparazzi, Bitcoin is at the center of the speculation game.

• BlackRock: Reshaping Bitcoin or Breaking It?
• XRP Price May Skyrocket as This Bitcoin Metric Hints at a Bullish Rally
• U.S. September CPI Surges Past Expectations, Leaving Bitcoin’s Slip in the Dust

On the technical front, the 4-hour chart reveals key figures like a pivot point at $27,000 and resistances at various levels. It’s like trying to find a path through a dense forest, where each resistance acts as an obstacle waiting to be overcome. However, there are also supports along the way, providing a safety net for Bitcoin.

If we take a closer look at the chart patterns, we see a symmetrical triangle breakout around $27,700, hinting at potential bullish momentum. It’s like a secret treasure map revealing a path to riches!

But let’s not forget the fundamental factors influencing Bitcoin’s movements. Despite predictions of a slight dip, the US inflation rate remained unchanged at 3.7% in September 2023. It’s like that one friend who always surprises you with their unpredictable behavior!

So, what does all this mean for Bitcoin? Well, if the price stays above $26,950, the trend remains bearish. But if it manages to break through the resistances and ride the wave of bullish momentum, we might witness a spectacular reversal!

To all the digital asset investors out there, keep your eyes peeled for the top 15 cryptocurrencies to watch in 2023. It’s like having a front-row seat to a blockbuster movie, filled with thrilling twists and turns. And hey, don’t forget to find the best price to buy/sell cryptocurrency. It’s like finding the perfect cup of coffee that gives you an energizing boost!

Remember, my friends, investing in cryptocurrencies can be like riding a roller coaster. It’s thrilling, filled with ups and downs, and can leave you with a rush of adrenaline. So buckle up, stay informed, and enjoy the ride!

Image source [Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication – cryptocurrencies are highly volatile investments with considerable risk, always do your own research.]

We will continue to update Blocking; if you have any questions or suggestions, please contact us!