However, despite the textbook moves, we’re seeing a BTC uptrend right after.
The US CPI or Consumer Price Index report was released on October 13, Thursday, and predictably, the BTC/USD pair showed significant volatility right on its heels. Said CPI report states that inflation in the US has risen by 0.6% in September as compared to August 2022.
BTC/USD price chart for the past month
That number is admittedly a bit higher than was expected, and it caused BTC to immediately witness a 4.4% correction. The value of BTC dropped from the $19,000 range to around $18,100 in under three hours, presenting Bitcoin’s lowest so far since around September 21.
Notably, while BTC dipped below $18,600 on September 21, it was back up within a few hours. A rise of 6.3% was seen on September 22, and BTC was testing the $19,500 resistance. We are seeing a similar pattern this time as well, with BTC trading near $19,800 on October 14.
At the time of writing, Bitcoin is up by 3.82% in the last 24 hours. If the uptrend keeps up, BTC may face the next resistance around the $20,000 mark. In case bears take the lead again, the support point around $18,500 would very likely come into play.