Bitcoin Price Prediction as US Inflation Rate Data is Announced – Is the Bear Market Over?
The latest data on the US inflation rate indicates that consumer prices increased by 4% from a year earlier, marking a decrease from April's 4.9% and a significant drop from last June's 40-year high of 9.1%.
The Labor Department's consumer price index reveals that this is the smallest yearly increase since March 2021.
Additionally, on a monthly basis, prices saw a modest rise of 0.1% compared to April's 0.4% increase.
These developments have prompted speculation about the potential impact on the Bitcoin market, with some questioning if this could signal the end of the bear market.
Bitcoin Price Prediction
Bitcoin is currently trading at $25,827, showing a nearly 1% increase on Tuesday. Although it witnessed a rise during Tuesday's morning trade in Asia, it failed to break through the strong resistance level at $26,000.
From a technical perspective, Bitcoin is facing formidable resistance around the $26,180 mark, while finding support near the $25,400 level.
In the four-hour timeframe, the $25,400 level plays a critical role as a triple bottom support, helping to maintain stability in Bitcoin's price.
The market is currently in a consolidation phase, with Bitcoin trading within a range of $26,180 as the upper limit and $25,400 as the lower limit.
The next significant move for Bitcoin will depend on a breakout from this range.
Additionally, the 50-day Exponential Moving Average (EMA) acts as a resistance level around $25,900. Bitcoin's price is fluctuating around this level, indicating a potential struggle between buyers and sellers.
It is worth noting that a descending triangle pattern has formed, characterized by lower lows and lower highs, signaling a bearish sentiment among investors.
If the crucial support level at $25,400 is breached, it could lead to increased selling pressure, potentially pushing the price down to the support levels at $24,950, $24,700, or even $24,400.
Traders and investors should closely monitor Bitcoin's price action as it interacts with these key levels to gain insights into the market's direction.
Top 15 Cryptocurrencies to Watch in 2023
Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023.
This thoughtfully curated list has been compiled by industry experts from Industry Talk and Cryptonews, ensuring that you receive professional recommendations and valuable insights.
Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.