CPI Data To Be Released Today: Could Bitcoin Price Hit $28,000?

The post CPI Data To Be Released Today: Could Bitcoin Price Hit $28,000? appeared first on Coinpedia Fintech News

The crypto market continues to struggle to gain momentum as the star crypto constantly fails to ignite a much-awaited bull run in the crypto-verse. Bitcoin price is presently on the verge of major breakthrough as it hovers around its important support zone.

Moreover, the US CPI inflaction data is expected to be released today. As per the latest reports, the core CPI is expected to show an annual increase of roughly 4.1% with a monthly increase of 0.3%, indicating that inflation to continue to normalize.

The Bitcoin price has been displaying massive price volatility since mid-September. The coin was constantly trading in an ascending channel and had jumped from $26,156 to $28,000+ with the help of a support trendline, during which the coin displayed a high of $28,584.

TradingView: BTC/USDT

Following this, the Star Crypto experienced a trend reversal, resulting in a price dip. Further, the coin trades in a descending channel and tests its support zone at $26,800. 

The Bitcoin price displayed a morning star pattern in the early trading hours today, indicating a possibility of a bullish rebound but the price quickly displayed a trend reversal in its chart, indicating a bear power in the market.

The MACD, on the other hand, displays a decline in its red histogram, indicating the possibility of the BTC price gaining value in the coming days.

Also Read: Big Time And Neutron Tokens Display Massive Price Volatility! But Why Are They Trending?

Will BTC Price Regain the $28,000 Mark Soon?

If the Bitcoin bulls gain power and hold their price above the support level, the price will gain a bullish moment and test its resistance level of $27,100 soon. Further, if the CPI data favors the crypto industry, the Bitcoin price will experience a massive price action in its chart, resulting in the coin making a run towards its upper resistance level of $27,400 this week.

Moreover, if the market gains a bullish sentiment and the cryptocurrencies gain momentum, the BTC price will soon retest the $28,000 mark.

On the contrary, if the Bitcoin price fails to break out of the descending channel and bears overpower the bulls, then the price will continue to lose its value and test its support zone at $26,800.

Further, if the market leader fails to hold its price above that level, the coin will experience a strong bearish influence and be prepared to test its lower support level of $26,451.