Bitcoin (BTC) PricesCharts and Analysis:
- Have global interest rates peaked?
- Bitcoin is unable to break above the 200-day simple moving average.
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Bitcoin is stuck in a wide range of $25,000 to $32,000 and is finding it difficult to make a concerted attempt to reach either support or resistance. The backdrop for the cryptocurrency market should be slightly positive, with a number of spot BTC and ETH ETFs expected soon while global interest rates are at or very close to their highs. Recent comments from the Fed have been dovish, with various FOMC members suggesting that inflation will continue to fall given further tightening expected from previous rate hikes, easing pressure on the Federal Reserve to further tighten monetary policy. Traditional risk markets have performed strongly over the past week, while the VIX – the “fear barometer” – is currently printing its sixth consecutive red candle.
What is the VIX?
VIX Daily price chart
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The latest US inflation report will be released later in today’s session and any deviation from expectations – core annual inflation at 4.1% and headline inflation year-on-year at 3.6% – could add some volatility to the market.
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A look at the daily chart shows that spot BTC price is struggling to break above the 200-day simple moving average. BTC is now pushing towards the 50-DSMA, which coincides with a previous distressed level around the $26.5K area. There is a collection of old highs and lows down here all the way down to $25,000. These should put a stop to any further sell-offs. For Bitcoin to rise back towards the $32,000 resistance, it will need to convincingly break the 200-DSMA at $28,000.
Bitcoin (BTC/U.S. dollar) Daily Price Chart – October 12, 2023
Charts from TradingView
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DailyFX provides forex news and technical analysis on the trends affecting global foreign exchange markets.
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