Ethereum

Cryptocurrency

Bitcoin

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 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="uptrend" href="https://thebittimes.com/tag/uptrend.html">uptrend</a> has been kept for over a month, while the BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> has made daily lower highs in the last 30 days.</p>
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 <p class="paragraph">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 <em>Kitco</em> on October 11.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“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.”</p> <cite>— Jim Wyckoff</cite>
 </blockquote>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="533" src="https://cdn.thebittimes.com/images/2023/10/11/0fce02ac8383ca96fd47d8b61c51d566.webp" alt="October Bitcoin Futures daily price chart" class="wp-image-132120" srcset="https://cdn.thebittimes.com/images/2023/10/11/0fce02ac8383ca96fd47d8b61c51d566.webp 1024w, https://cdn.thebittimes.com/images/2023/10/11/0fce02ac8383ca96fd47d8b61c51d566.webp 300w, https://cdn.thebittimes.com/images/2023/10/11/0fce02ac8383ca96fd47d8b61c51d566.webp 768w, https://cdn.thebittimes.com/images/2023/10/11/0fce02ac8383ca96fd47d8b61c51d566.webp 1471w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   October Bitcoin Futures daily price chart. Source: <em>Kitco</em>
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 </figure>
 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="trend" href="https://thebittimes.com/tag/trend.html">trend</a> to continue.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
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       <h3 class="font-bold leading-6 " id="bitcoin-s-rocky-start-price-drops-below-27-7k-can-btc-recover">Bitcoin's rocky start: Price drops below $27.7k, can BTC recover?</h3>
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 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of $27,516 per Bitcoin.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/11/ead5deb0309a2eeda025f6f20b66d778.webp" alt="BTC 1-day price chart. Source: Finbold" class="wp-image-132122" srcset="https://cdn.thebittimes.com/images/2023/10/11/ead5deb0309a2eeda025f6f20b66d778.webp 1024w, https://cdn.thebittimes.com/images/2023/10/11/ead5deb0309a2eeda025f6f20b66d778.webp 300w, https://cdn.thebittimes.com/images/2023/10/11/ead5deb0309a2eeda025f6f20b66d778.webp 768w, https://cdn.thebittimes.com/images/2023/10/11/ead5deb0309a2eeda025f6f20b66d778.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC 1-day price chart. Source: Finbold
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 <p class="paragraph">Amid both bearish and bullish signals, macroeconomics could play an important role in deciding whether Bitcoin’s current <a rel="noopener noreferrer nofollow" title="uptrend" href="https://thebittimes.com/tag/uptrend.html">uptrend</a> in both the spot and derivatives crypto markets will continue.</p>
 <p class="paragraph">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.</p>
 <p class="paragraph">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.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-uptrend-could-be-in-trouble-here-s-why-tbt65981.html">https://thebittimes.com/bitcoin-price-uptrend-could-be-in-trouble-here-s-why-tbt65981.html</a></p>

Bitcoin price uptrend could be in trouble; Here’s why

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