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Crypto Compass 55
“The stock market is a device to transfer money from the impatient to the patient.” - Warren Buffett
On September 11, the current BTC price decline retested the previous swing low support of $25K, which was able to rebound with a 2.6% gain the next day. BTC is currently trading at $26.2K, facing the above-mentioned barrier, which has been directing the continuous drop till now.
A breach over this resistance level could be the signal the bulls require. A strong break like this might pave the way for a rebound to the next target price of $28.66K, suggesting a significant upswing.
CPI has become a crucial trigger for the BTC price since it began reacting to external influences. The new CPI rates have been released, and they are 3.7% higher than expected. BTC price is stuck at $25.8K, could see this as an opportunity to propel above $26k soon.
If the statistics were more significant than or less than 0.6%, bitcoin price volatility was expected. If higher, this could signal a short-term bearish trend; if lower, this could indicate a short-term bullish trend. Rates have risen above expectations, and a significant boost in the price of Bitcoin may be on the way.
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