Core

United

Bitcoin

Material

<div class="sg-post-des">
 BTC price downside follows renewed inflation fears amid a prediction that Bitcoin might only reverse upward in December.
</div>
<div class="cointelegraph">
 <p>Bitcoin (BTC) hit new October lows after the Oct. 11 Wall Street open as one analyst hailed the “final stage” of the cryptocurrency bear market.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/11/f4f41663687c78fc0ee6c0531c89cdc4.webp">
  <figcaption style="text-align: center;"><em>BTC/USD 12-hour chart. Source: TradingView</em>
  </figcaption>
 </figure>
 <h2 id="bitcoin-traders-stress-importance-of-26-800">Bitcoin traders stress importance of $26,800</h2>
 <p>Data from Cointelegraph Markets Pro and TradingView showed further BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> weakness emerging, costing bulls $27,000 support.</p>
 <p>At the time of writing, the largest cryptocurrency was headed toward $26,600 as downside gained momentum.</p>
 <p>The move followed United States <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> data in the form of the Producer Price Index (PPI), the September print for which came in above expectations — 2.2% versus 1.6% year-on-year (YoY). This added to concerns about lingering U.S. <a rel="noopener noreferrer nofollow" title="inflation" href="https://thebittimes.com/tag/inflation.html">inflation</a> pressures, with dollar strength up and risk assets down.</p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/11/dd9f1762a4f32126505cccd910ff87d2.webp">
  <figcaption style="text-align: center;"><em>Producer Price Index (PPI) chart. Source: U.S. Bureau of Labor Statistics</em>
  </figcaption>
 </figure>
 <p>“PPI coming in hotter than expected, meaning that the $DXY will probably have a <a rel="noopener noreferrer nofollow" title="bounce" href="https://thebittimes.com/tag/bounce.html">bounce</a> upwards and Bitcoin some corrections south. Still monitoring the lower boundaries here for potential entries,” Michaël van de Poppe, founder and CEO of MN Trading, commented on X.</p>
 <p>Having already lost $1,000 since a “death cross” completed on the daily chart at the start of the week, Bitcoin thus hit its lowest levels since Sep. 29. In so doing, it canceled out its previous October gains, and with it removed the month’s status as a classic “Uptober.”</p>
 <p>“The final stage of the bear market for Crypto,” Van de Poppe continued.</p>
 <blockquote>
  “We might be reversing here already in October, going into an uptrend in November (retesting the $26,800 area) or we might be reversing at the end of December for a pre-halving &amp; ETF rally. Good times are ahead for Bitcoin.”
 </blockquote>
 <p>Following the action, popular trader Skew also highlighted $26,800 as a crucial level within the current range.</p>
 <p>“Will wait for close but looking like a rejection so far also last area for bulls to do something imo ~ $26.8K,” he told X subscribers about the 4-hour chart.</p>
 <p>At the same time, fellow trader Daan Crypto Trades noted multi-month highs in open interest, high levels having triggered the bouts of volatility, which characterized the first week of the month.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">#Bitcoin At it's highest Open Interest level since the August dump.<br><br>Usually this is met by some kind of squeeze from this point. pic.twitter.com/IZuhVbt6lt</p>— Daan Crypto Trades (@DaanCrypto) October 11, 2023
 </blockquote>
 <h2 id="binance-order-book-shows-thin-bids">Binance order book shows thin bids</h2>
 <p>Prior to the PPI release, monitoring resource Material Indicators showed a lack of bid support on the BTC/USD order book on largest global exchange Binance. This was clustered around $26,650.</p>
 <p><strong><em>Related:&nbsp;War, CPI and $28K BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> — 5 things to know in Bitcoin this week</em></strong></p>
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/11/0a81aa71894935b0ad8581881ea159de.webp">
  <figcaption style="text-align: center;"><em>BTC/USD order book data for Binance. Source: Material Indicators/X</em>
  </figcaption>
 </figure>
 <p>“This morning's YoY Core PPI report shows this metric trending upward since July,” co-funder Keith Alan wrote in part of subsequent commentary.</p>
 <p>Alan added that the interest rates may remain at current levels without relief for risk assets longer than was previously expected.</p>
 <p>“I'm not an economist, but I interpret that as high(er) for longer,” he concluded.</p>
 <p class="post-content__disclaimer">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.</p>
 <template data-name="subscription_form" data-type="markets_outlook"></template>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-hits-2-week-low-on-us-inflation-data-when-will-btc-price-bounce-tbt66004.html">https://thebittimes.com/bitcoin-hits-2-week-low-on-us-inflation-data-when-will-btc-price-bounce-tbt66004.html</a></p>

Bitcoin hits 2-week low on US inflation data — When will BTC price bounce?

Table of Contents

TheBitTimes

Other articles published on Oct 11, 2023

Kaiko suggests why futures Ethereum ETFs release was lackluster

China’s Advancements in Semiconductor Technology Challenge U.S. Strategy

Thailand Traders Fair and Awards 2024: Forging Financial Success, Knowledge, and Networking

Speculation vs. Utility: Cryptocurrency's Identity Crisis

How XRP Could Skyrocket Past the $20 Mark: Analyst Weighs In

Attorneys for SBF request permission from the court to include anthropological evidence.

Join our free newsletter for daily crypto updates!