Bitcoin (BTC) Price to Close Uptober With a Pullback to $65k?
In a very short while from now, the US CPI rates are expected to be announced, which is believed to be lower than expected. This is further expected to revamp a strong ascending trend and rise above the monthly highs at $64,500. However, the trading setup suggests a bullish outcome to be fast approaching but here are some indicators that suggest the market participants and miners are losing confidence over the BTC price rally.
First and foremost, the volume has been plunging heavily, which has been restricted below $30 billion. Besides, the Bollinger bands are going parallel to each other, suggesting a drop in the volatility too. Does this suggest the BTC price may continue to consolidate within the narrow range within the upper bands of the channel?
No major change in the BTC price rally has been seen as it remains stuck within a descending parallel channel. After the recent rejection from the upper resistance, the support at $59,900 has offered a strong base, preventing the token from reaching the average band at $58,800. The RSU has also triggered a rebound ahead of CPI rates, which may revive the possibility of regaining $64,000.
However, the below indicator does not appear to be in bullish favour, which may raise some concerns.
The Bitcoin hash ribbons have just turned red, indicating the miners are capitulating with a bearish crossover. It is assumed that the BTC price tends to reach a bottom when the miners capitulate. Capitulation happens when the miners lose faith and give up their holdings, leading to massive sell orders as the traders may scrumb to fear and panic.
As the hash ribbons have turned bearish or capitulated, the possibility of a bearish pullback looms over the token. Therefore, the Bitcoin (BTC) price is expected to experience a small upswing as a result of CPI core data. However, the bulls may fail to hold the rally, resulting in a notable price drain back to its initial levels or slightly lower.
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