BTC price reacts as CPI surpasses predictions
Bitcoin (BTC) is holding steady near the crucial $26,800 mark as the US inflation data continues to exceed expectations. BTC price volatility remains low, bouncing back from two-week lows seen recently. The sustained inflation is surprising the markets, impacting Bitcoin's performance.
Financial commentary resource highlights the pressure on monetary policy
In response to the September print of the Consumer Price Index (CPI), the concept of 'higher for longer' interest rates in the US is expected to put pressure on risk assets, including cryptocurrencies. The Federal Reserve now finds itself in a difficult position with rising inflation across various indices.
Analyst on Bitcoin vs. macro: "Bad = bad"
Market participants are cautious about Bitcoin's short-term prospects, with $26,800 seen as the critical zone for bulls to regain control. The lack of bid liquidity above $24,750 is a concern, and there is uncertainty about a return to upside momentum. The overall economic outlook and geopolitical tensions are contributing to a negative sentiment.
Trading firm highlights the downward trajectory
Despite potential bullish factors in the fourth quarter, Bitcoin and Ether's performance is underwhelming. QCP Capital describes an "unabated" downward trajectory, and the focus is on key support levels at 25-26k and resistance levels at 29-30k to determine the next trend.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assessment before making any investment decisions.
