Reserve

Cryptocurrency

Core

Bitcoin

Reversal

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126326/333577/12-1.jpg" srcset="https://cimg.co/news/126326/333577/responsive-images/12-1___media_library_original_1280_720.jpg 1280w, https://cimg.co/news/126326/333577/responsive-images/12-1___media_library_original_1200_675.jpg 1200w, https://cimg.co/news/126326/333577/responsive-images/12-1___media_library_original_900_506.jpg 900w, https://cimg.co/news/126326/333577/responsive-images/12-1___media_library_original_720_405.jpg 720w, https://cimg.co/news/126326/333577/responsive-images/12-1___media_library_original_600_338.jpg 600w, https://cimg.co/news/126326/333577/responsive-images/12-1___media_library_original_300_169.jpg 300w" width="1280" class="content-img" alt=""></figure>In light of the recent US core inflation data, the crypto community is eagerly discussing the potential trajectory of <a href="https://www.tradingview.com/symbols/BTCUSD/">Bitcoin (BTC/USD)</a> for October 12.As recent <a href="https://www.ft.com/content/177d2346-8b74-4e98-9bd3-fd61585cc78a">US inflation data</a> outstrips forecasts, the financial realm is abuzz with speculation and predictions.Particularly in the cryptocurrency sector, eyes are keenly fixed on Bitcoin, gauging its potential response.&nbsp;September's inflation was notably higher than anticipated, kindling discussions about the <a href="https://www.cnbc.com/2023/10/11/fed-minutes-october-2023-.html">Federal Reserve possibly hiking interest rates</a>, especially with preceding robust jobs market data.According to the Bureau of Labor Statistics, the <a href="https://tradingeconomics.com/united-states/inflation-cpi">consumer price index</a> witnessed a steady year-on-year rise of 3.7%.&nbsp;<figure class="image"><img src="https://cimg.co/news/126326/333578/screenshot-34.jpg" srcset="https://cimg.co/news/126326/333578/responsive-images/screenshot-34___media_library_original_1069_534.jpg 1069w, https://cimg.co/news/126326/333578/responsive-images/screenshot-34___media_library_original_900_450.jpg 900w, https://cimg.co/news/126326/333578/responsive-images/screenshot-34___media_library_original_720_360.jpg 720w, https://cimg.co/news/126326/333578/responsive-images/screenshot-34___media_library_original_600_300.jpg 600w, https://cimg.co/news/126326/333578/responsive-images/screenshot-34___media_library_original_300_150.jpg 300w" width="1069" class="content-img" alt=""></figure>Even though analysts had projected a minor downturn, the rate remained consistent with the previous month.&nbsp;Monthly inflation saw a slowdown from 0.6% to 0.4%. A silver lining appeared in the form of stable "core" inflation rates, maintaining a steady pace of 0.3% month on month, despite excluding erratic energy and food prices.&nbsp;On an annual scale, core inflation slightly decreased from 4.3% to 4.1%. As these economic waves ripple, is Bitcoin poised for a bullish reversal? The stage is set for intriguing market dynamics.<h2 id="strong-bitcoin-price-prediction-strong">Bitcoin Price Prediction</h2>With a circulating supply nearing its max of 21 million <a href="https://cryptonews.com/news/bitcoin-news/">BTC coins</a>, the 4-hour chart points to key figures: a pivot point at $27,000, resistances at $27,210, $27,717, and $28,198, and supports at $26,586, $26,023, and $25,475.Technically, the RSI is at 30, indicating bearish sentiment, while the MACD values are awaited for further momentum insight. Notably, the price hovers just above the 50 EMA of $26,950.&nbsp;Chart patterns reveal a symmetrical triangle breakout around $27,700, emphasizing a potential bullish momentum.&nbsp;<figure class="image"><img src="https://cimg.co/news/126326/333582/btc.jpg" srcset="" width="" class="content-img" alt=""><figcaption>Bitcoin Price Chart - Source: Tradingview</figcaption></figure>Fundamentally, the unchanged <a href="https://www.nytimes.com/live/2023/10/12/business/cpi-inflation-fed">US inflation rate of 3.7%</a> in September 2023, despite predictions of a slight dip, coupled with the energy prices' behavior, might play a pivotal role in Bitcoin's movements.&nbsp;Concluding, the trend for Bitcoin turns bearish below $26,950. In the short term, fluctuations around these vital resistances and supports are anticipated.<h2 id="strong-top-15-cryptocurrencies-to-watch-in-2023-strong">Top 15 Cryptocurrencies to Watch in 2023</h2>Stay up-to-date with the world of digital assets by exploring our handpicked collection of the best 15 alternative cryptocurrencies and ICO projects to keep an eye on in 2023.&nbsp;Our list has been curated by professionals from Industry Talk and Cryptonews, ensuring expert advice and critical insights for your cryptocurrency investments.&nbsp;Take advantage of this opportunity to discover the potential of these digital assets and keep yourself informed.<div class="raw-html-embed"><div style="background: #920047;margin-bottom: 20px;width: 50%;text-align: center;padding: 8px;border-radius: 5px;background-image: linear-gradient(107deg,#930046,#59008a);color: white;padding-left: 1em;padding-right: 1em; font-size: 16px;"><a style="text-decoration:none;color:white" href="https://cryptonews.com/news/new-cryptocurrency.htm" target="_blank" rel="nofollow noindex">See the 15 Cryptocurrencies</a></div></div><h2 id="strong-find-the-best-price-to-buy-sell-cryptocurrency-strong">Find The Best Price to Buy/Sell Cryptocurrency</h2><figure class="image"><img src="https://cimg.co/news/126326/333583/1.jpg" srcset="" width="" class="content-img" alt=""><figcaption>Cryptocurrency Price Tracker - Source: Cryptonews.com</figcaption></figure>Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication - cryptocurrencies are highly volatile investments with considerable risk, always do your own research.
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Bitcoin Price Prediction as US Core Inflation Data is Announced – Is a Bullish Reversal Imminent?

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