The CPI data release on October 13 could give BTC a much-needed positive push.
The US Federal Reserve is hiking interest rates aggressively to rein in inflation, which has caused the US equities market to remain under severe pressure. Meanwhile, BTC’s largely range-bound price action (still around the $19,100 mark in the middle of the second week of October, 2022) shows signs of decoupling from the US equities market.
It is still too early to say whether the CPI (Consumer Price Index) data to be released on October 13 will give Bitcoin the push needed to break out of the $19,000 range- which has dragged on for quite a while now- to around the $24,800 range last seen in September.
BTC/USD three month price chart
At the moment, BTC is trying to bounce off the support point around $18,800, but the positive momentum may face resistance at the 20-day EMA ($19,447). The price might take a downward turn again, suggesting the bears have the upper hand. The next support zone would be at around $18,100. However, once the BTC/USD pair rises over the one-month high of $20,500, a firm rally may be possible.
ETH/USD one month price chart
In relevant news, ETH is currently trading below its 20-day EMA (1,334), and with the RSI in the negative zone as well, bears are taking charge here too at the moment. However, bulls are still buying the dip and trying to put a stop to the downtrend.