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BTC smashed over the barrier on Thursday, reaching a yearly high of roughly $38k. This bounce, however, was short-lived, as the price fell sharply below the $37.033k support level. The price is currently lingering near this level, and a retest is expected soon, with the outcome undetermined.
The Moving Averages Convergence Divergence (MACD) indicator shows a persistent red histogram and signalling increased market buying and selling pressure. Furthermore, the averages are continuously declining, indicating the possibility of a price correction in the near future.
BTC peaked at $37.9k on November 9 before falling to $36.88k on today. The fall obliterated weekend gains, and BTC traders are now waiting for US Consumer Price Index (CPI) data. Core CPI inflation is predicted to be 4.1% yearly and 0.3% monthly.
If the data is consistent with forecasts, a decline in headline inflation might immediately benefit markets while also putting pressure on the US dollar. Given that rising inflation might raise selling pressure on risk assets such as Bitcoin, the October CPI report is expected to influence the BTC price trend. Check how the past weeks risky assets had have better returns.
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