Weaker inflation could boost bets for multiple Fed rate cuts in the fourth quarter of 2024 and support demand for riskier assets, including BTC and related products. Positive sentiment could push BTC towards $65,000. Conversely, higher-than-expected inflation could reduce Fed rate cut expectations and potentially push BTC below $60,000.

outlook

Investors should remain vigilant. The risk of oversupply, the US CPI report and updates from the Middle East could influence BTC price action.

An escalation in the Middle East conflict could trigger a flight to safety and potentially dampen BTC demand. Investors should also keep an eye on ETF inflows as they could influence near-term supply and demand trends. Stay up to date with our latest news and analysis to manage your crypto exposure.

Technical analysis

Bitcoin analysis

BTC is below the 50-day EMA while hovering above the 200-day EMA, sending bearish price signals in the short term but bullish in the longer term.

A break above the 50-day EMA could signal a move towards resistance at $64,000 and the October 7 high of $64,482. Furthermore, a breakout above $64,482 could bring the $69,000 resistance level into play.

Investors should consider transfer news related to the US government, the Middle East, the US CPI report and BTC supply-demand trends.

Conversely, a break below the $60,365 support and the 200-day EMA could mean a decline towards $57,500.

With a 14-day RSI reading of 44.84, BTC could fall to the $57,500 level before entering oversold territory.