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Bitcoin key price levels to watch for entry opportunities ahead of CPI data

Bitcoin key price levels to watch for entry opportunities ahead of CPI data

Bitcoin’s (BTC) price is getting more volatile just as the midterm elections are taking place, and later this week, the Consumer Price Index (CPI) inflation data, which may have a significant influence on the cryptocurrency market, will be released on November 10.

Given the recent turbulence in the crypto market, which has seen the flagship digital asset fall below $21,000, bulls have begun to battle the bears to reclaim $21,000 as a crucial support level. 

With the BTC price fluctuating, crypto trading specialist, Michaël van de Poppe highlighted significant Bitcoin entries to monitor this week. Poppe noted Bitcoin has been running towards $21,500 and is now seeking a higher low to continue the momentum.

“We are looking at a few levels of support that I preferably want to see [BTC] sustain. It is looking at the level at $20,500 and $20,300, and actually, those are the regions that I’ll be looking at for potential long positions.”

Bitcoin resistance level

The reason the trading expert noted this area is due to the fact that the level of $20,400 to $20,500 has been serving as resistance for more than a month. Poppe pointed out:  

“A potential flip of that region would conclude that buyers are stepping in <..> because if we do hold around this block and around $20,400, then we’re going to get a continuation towards the range high $22,500 inducing that the impact of the market is going to bring a ton of value towards the altcoins as well.”

In terms of Bitcoin’s price action, it can be argued that if it makes a new higher low, it will continue running toward $22,500 and will likely continue to test the range high at $25,000, which is currently the crucial resistance.

CPI data to impact BTC price

Since yields have been going up, either the CPI report or the midterm elections from now on will probably be a crucial trigger. Poppe said that in the future, either the Consumer Price Index data or the midterm elections are likely to have a substantial influence on Bitcoin’s price, and it is thus prudent to monitor their market impact.

If yields continue to grow, this will almost certainly have a negative impact on Bitcoin’s price. However, if the Consumer Price Index is lower than expected, Bitcoin and the NASDAQ will most likely continue to rise.

As things stand, Bitcoin is trading at $20,768, down 2.22% in the last 24 hours and up 1.69% across the previous week, according to data retrieved by Finbold from CoinMarketCap.

Watch the video: Michaël van de Poppe highlights important levels for Bitcoin to sustain

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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