Bitcoin Price Prediction as BTC Shoots Up 4%

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Bitcoin The European session has recovered over 5% in the past 24 hours as weak US inflation data increased, leading to a reversal in the crypto market. With renewed optimism about the future of the economy, investors have returned to riskier assets, sending the largest cryptocurrency by market cap to $17,250. Continuing FTX unwinding began a price drop on Wednesday, sending it to a two-year low.

Overall, the crypto market cap has improved, but it is still down 1.8% compared to yesterday, and the market cap of DeFi coins has fallen 5.2%. The day was positive for most of the top 20 cryptocurrencies by market capitalization, as interest in FTX and inflation appeared to be waning.

ftt token Used by FTX, which has come under fire since a deposit by the exchange’s affiliate company, Alameda Research, recently surged more than 25% to $3.45.

Solana’s Solo The recent increase of more than 16%, despite the fact that it featured prominently on Alameda’s balance sheet, caused investors concern.

US inflation at January low

The recent flurry of the US Federal Reserve, 75 basis point interest rate hikes, is working to ease a year-long run of high inflation, as indicated by Thursday’s unexpectedly good Consumer Price Index report. This gives investors reason to be optimistic.

In form of US inflation rate down Somewhat in October, investors became more optimistic that the Federal Reserve would raise interest rates less aggressively at its meeting next month.

The annual rate of increase in consumer prices fell to 7.7%, the lowest level since January and well below the 8% predicted by experts.

Year-on-Year Percentage Change in the Consumer Price Index Source: Bureau of Labor Statistics

The widely viewed “core” measure, which excludes food and energy costs and is seen as the best forecast for the future direction of inflation, fell from a four-decade high.

The US Dollar is weakening as a result of weak CPI data, which is keeping the crypto market bullish today.

bitcoin price prediction

Bitcoin is currently priced at $17,183, with a 24-hour trading volume of $62 billion. On November 11th, BTC/USD corrected slightly but has given up most of the gains during the European session, and is now down over 1.5% over the past 24 hours.

CoinMarketCap currently ranks first with a live market cap of $330 billion. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,204,337 BTC coins.

Bitcoin Price and Tokenomics – Source: Coinmarketcap

Bitcoin has recovered from the $16,000 support level and reclaimed the $18,000 level. At the moment, it is consolidating in a narrow trading range, and a breakout of this will determine further price action.

The BTC/USD pair has already completed the 38.2% Fib retracement level of the $18,190 level, and a bullish crossover above this level could expose the BTC price to the 61.8% Fib retracement level of $19,350.

If bitcoin fails to break the 38.2% Fib retracement level of $18.250, there is a possibility of a decline below $15,965.

Bitcoin Price Chart – Source: Tradingview

MACD, a key technical indicator, has entered a buying zone, while the 50-day moving average (blue line) and RSI remain in a sell zone. If there is a close below $18,000, BTC is likely to continue bearish with support at $16,000 and 15,850.

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Cryptocurrency Price Tracker – Source: cryptonews

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