Bitcoin (BTC) has been trading above the 50 Exponential Moving Average (EMA) since September 28 in both the daily and 4-hour charts. In the former, an uptrend has been kept for over a month, while the BTC price has made daily lower highs in the last 30 days.
However, this monthly uptrend could now be in jeopardy as Bitcoin Futures struggle below the 50-day Moving Average. BTC is now fighting in the mentioned uptrend support zone, as noticed by the crypto trader expert Jim Wyckoff in an analysis posted on Kitco on October 11.
“October Bitcoin futures prices are weaker in early U.S. trading Wednesday. The bears have gained a bit of momentum at mid-week, as prices have penetrated on the downside, an uptrend line drawn on the daily bar chart. Bulls need to step up and show fresh power soon in order to restart the price uptrend.”— Jim Wyckoff
Nevertheless, the Moving Average Convergence/Divergence (MACD) is still signaling a bullish momentum for Bitcoin Futures. On the spot market, the 4-hour Relative Strength Index (RSI) also points toward a buying opportunity, which would allow the above trend to continue.
Bitcoin price analysis
At the time of publication, BTC is changing hands for $27,084, after registering 1.46% losses in the last 24 hours, moving from a previous price of $27,516 per Bitcoin.
Meanwhile, investors wait for the U.S. CPI data, which will be released on October 12. This data could deeply impact BTC prices. On that, the year-over-year (YoY) CPI is expected to be at 3.6%, with a 10 basis points (bps) reduction from August, while the YoY Core CPI is expected to be at 4.1%, with a 20bps reduction from last month.
Therefore, a lower-than-expected CPI could help Bitcoin to keep its uptrend, while a higher-than-expected CPI could trigger the mentioned support’s break out.
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