- Optimistic outlook: Should Bitcoin secure a close above $84,000 on its daily chart, it may target $86,530, marking its last weekly opening point.
- Neutral outlook: If $BTC remains locked between $81,000 and $84,000, this pattern could persist until the CPI data provides clearer guidance to traders.
- Pessimistic outlook: A close beneath $81,000 could see Bitcoin decline towards $77,153, aligning closely with its 50-week moving average.
Impact of US CPI Data on Bitcoin
The US Consumer Price Index (CPI) report for September is expected to be released today. Current market forecasts indicate an inflation rate of about 3.6%–3.7%, compared to the previously reported figure of 3.4%.
A higher-than-anticipated inflation report could lead to selling pressure on Bitcoin as traders reevaluate the Federal Reserve’s stance on interest rates. Conversely, a lower inflation figure might bolster $BTC and assist it in surpassing the $84,000 threshold.
Recent market-implied probabilities of an interest rate hike by the Federal Reserve in its upcoming October 28 meeting increased from 16% to 18%, though this chance still remains relatively low.
Ethereum and Altcoins Under Strain
Ethereum, along with $SUI and $TAO, has also faced declines as traders await the CPI report.
Ethereum has dropped to about $2,409, hovering near its previous weekly low of $2,406. To enhance its immediate outlook, it must reclaim the $2,556 mark.
$SUI momentarily fell below $1 but has since bounced back. The $1 mark serves as immediate support, while resistance is seen at $1.13 and $1.21. A dip below its 50-day moving average, approximately at $0.92, may further deteriorate its outlook.
$TAO decreased to roughly $262 before recovering to around $276. Key support for TAO is near $265, while it faces resistance at $298 and within the range of $305–$309.
Altcoins also remain vulnerable to further declines, as traders maintain significant long positions. Any additional market downturn could trigger further liquidations.
What’s Next for Bitcoin Today?
The short-term trajectory of Bitcoin hinges on the CPI results and its ability to maintain support at $81,000. A daily close above $84,000 would reinforce the bullish case, while falling below $81,000 might draw attention to the $77,153 level. Until the inflation figures are unveiled and Bitcoin breaks free from its current trading range, the next movement in price remains unpredictable.