After experiencing a severe free-fall loss for the whole week, Bitcoin has recovered by 14%. In October, the US Consumer Price Index increased less than anticipated. For the rise to continue, $15,588 must not be crossed. After experiencing a drop akin to a monsoon earlier in the week, the price of bitcoin is now seeing a commendable counterattack. Investors wonder whether a secure market bottom is in as the price rises. Key levels have been highlighted to determine BTC's (1) likely future move.
The price rebounds
Since breaking new annual lows on November 9, the peer-to-peer digital currency, bitcoin, has rallied impressively, rising 14%. BTC still has to do more to convince investors to place bids on shorter time scales. However, the prospect of more gains should not be completely discounted.
At this time, the price of one bitcoin is $17,644. Market participants were taken aback by the US Consumer Index Pricing (2) since they had anticipated a higher number. Even while the CPI came in lower than predicted, at 7.7, the Fed still believes the rate is too high to stop increasing inflation. The erratic behavior of Bitcoin in response to the news shows that high-cap players are snatching up Bitcoin at its reduced price.
What's next
The next aim for Bitcoin is $19,899, which would put it briefly back into the $20,000 zone and take into account the increase in transactions on the Volume Profile Index. On the swing low at $15,888, staying untagged, the strength of the uptrend will be determined. There might be a further loss of $14,900 if the bears break through the barrier. The value of Bitcoin would fall by 14% due to such a move.
