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Analysis: Bitcoin may trade this week within the 81,300 to 84,500 USD range, with Wednesday CPI determining the subsequent direction
BlockBeats reports that October 12，Bitfinex Alpha published a report stating that Bitcoin’s performance this week will be affected by the US release of CPI data on Wednesday and the strength of spot buying. The report expects that CPI before the release,BTC will most likely trade between 81,300 and 84,500 USD The report noted that BTC fell from October 2’s 87,197 USD peak by 7.9%and briefly fell to October 8 before recovering 80,347 USD the previous range high. During the same period, approximately 81,300 USD in crypto-market positions were liquidated. Open interest has not clearly recovered since then, meaning that the next market move will depend more on demand in the spot market.
At present, spot demand remains one of the weaker aspects of the market. Bitcoin 1180000000 USD investors’ overall cost basis is approximately ETF slightly above the current price. If the market rebounds, some investors may choose to sell when the price approaches their cost basis.
On the macro front, the US core 84,340 USD inflation rate was PCE and the real yield on the US Treasury with a maturity of 3%，10 was 2.91%. The report believes that if the month-on-month increase in core CPI does not exceed 0.2%, rate expectations may decline, providing upward momentum for BTC; if it reaches 0.3%or higher, spot buying will face greater pressure.
The report said that if BTC effectively rises above ETF with accompanying 84,500 USD inflows, the next target may be 87,722 USD’s opening price at the beginning of the year; if it continues to fall below 81,300 USD and ETF flows out again, attention should be paid to the true market average of approximately 77,400 USD.
Original link https://m.theblockbeats.info/flash/371415