Bitcoin (BTC) found support at around $62,000, helping it stabilize and prevent a further decline. The world’s largest cryptocurrency has shed almost 2% over the past 24 hours after facing considerable volatility over the previous week, which saw highs of over $65,000 and a low of $59,800. BTC traders are awaiting the US Consumer Price Data, with a positive report likely to trigger a price rise.
Despite the volatility, an NYDIG report has revealed that BTC maintained its position as the year’s best-performing asset, with a 49.2% year-to-date gain. BTC is currently trading around the 62,500 mark. The overall crypto market cap has also registered a decline, at $2.18 trillion, down by 1.34%.
Bitcoin (BTC) Traders Brace For CPI Data
Bitcoin (BTC) traders are bracing for the US Consumer Price Data, which is set to be released this week. Market watchers are hopeful that a positive report could act as a catalyst for a substantial price rise. According to investors, the “Uptober” narrative has helped in building support for BTC around $60,000 and $62,000, with traders looking for further signs that inflation has cooled. According to a note by QCP Capital, Uptober is back on track for BTC and the crypto markets.
“After a shaky start, Uptober seems to be back on track. Bitcoin is as at similar levels to where it started last Monday.”
According to analysts, the CPI is projected to increase by just 0.1% in September, the smallest increase in three months. On a year-on-year basis, the CPI is expected to jump by 2.3%. This would be the sixth consecutive slowdown and its lowest level since 2021.
“All eyes are on US CPI. With the recent strong US wage and jobs numbers, the market will be paying close attention to this print for any signs of an uptick in inflation.”
A jump in CPI numbers could lead to higher interest rates, putting pressure on assets such as BTC. On the other hand, a lower CPI could allow the Federal Reserve to initiate further rate cuts, benefiting risk assets. Author and intergovernmental blockchain expert Anndy Lian stated,
“In the past, Bitcoin has been volatile in response to CPI data. Positive CPI results, reflecting a strong economic environment, have often led to price increases.”
Hong Kong Plans To License More Crypto Exchanges
Hong Kong’s financial regulator, the Securities Futures Commission (SFC), has stated it expects to greenlight more crypto exchanges and digital asset firms by the end of the year. According to SFC CEO Julia Leung, the regulator expects to make progress in issuing licenses to 11 Virtual Asset Trading Platforms (VATPs). She added that licenses would be granted in batches to help bring exchanges into compliance more easily. In total, 16 companies are awaiting a decision on their VATP application, out of which 11 are already operating as “deemed to be licensed.”
Leung added that the SFC had completed the first round of on-site reviews for the firms in question, stating that all VATPs compliant with its licensing models can expect to have their applications approved.
FTX Bankruptcy Plan Receives Court Approval
FTX received court approval of its bankruptcy plan on Monday, enabling it to fully repay customers using up to $16.5 billion in assets recovered since its collapse. US Bankruptcy Judge John Dorsey approved the plan at a hearing in Delaware, stating that FTX’s success made it a model case for dealing with complex Chapter 11 bankruptcy proceedings. The approved plan is built on a series of settlements with FTX customers, creditors, US government agencies, and liquidators.
Under the settlement, FTX can use its assets to repay customers of its cryptocurrency exchange first. Following this, the company can pay potentially competing claims filed by government regulators. FTX plans to repay 98% of its customers who held $50,000 or less on the platform.
JPMorgan Predicts Bullish Q4 For BTC
Analysts from JPMorgan are optimistic for Bitcoin (BTC) and the crypto markets, with BTC showing strong upward trends as October progresses. In a report released on Monday, JPMorgan cited October’s historical trends, adding that BTC had delivered positive returns 70% of the time in October and that markets could follow a similar pattern this year.
“While previous performance is not a predictor of future performance, we think this popularization of ‘Uptober’ may influence behavior and result in a positive month for bitcoin this October.”
However, they also cautioned that the expected positive sentiment has yet to materialize, noting that rates could continue declining.
“We have yet to see the ‘pop’ in cryptocurrency prices expected from lower rates since the Fed’s September 18 cut. Crypto assets really only emerged in the early-to-mid 2010s, and rates were near zero for most of their existence. It’s possible that stable rates, rather than just low ones, will benefit these markets the most.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is down almost 2% after it failed to crack the $65,000 mark late on Monday. However, it found support at $62,000, which prevented a further decline. BTC declined despite spot Bitcoin ETFs registering inflows worth $235 million. Data from CoinGlass also suggested that institutional interest in Bitcoin is declining, as suggested by spot ETF numbers. September’s Nonfarm Payrolls report showed that 254,000 nonfarm employment were created in September, surpassing market expectations. The unemployment rate also dropped, falling from 4.2% to 4.1%. Additionally, BTC has generally registered positive returns in October, averaging around 21%.
As we can see in the price chart, BTC has recovered after facing significant bearish pressure during the previous week, when it registered a substantial decline, which took it below the 200 and 20-day SMAs and critical support levels. By Wednesday, BTC dropped to a low of $60,029 after a failed attempt to push back above the 20-day SMA, which saw the price reach a day high of $62,456. It briefly slipped below $60,000 on Thursday, but thanks to strong support, it quickly pushed back above the level, registering a marginal increase and settling at $60,802. Friday saw markets remain buoyant and BTC registered an increase of 2.14% and moved to $62,214. After a marginal decline on Saturday, BTC was back in positive territory on Sunday, rising by 1.19% and settling at $62,813.
Source: TradingView
The current week began with BTC pushing past the 20- and 200-day SMAs and testing the $65,000 resistance. The price reached a day high of $64,481 but lost momentum thanks to strong selling pressure at upper levels. As a result, sellers could drag BTC back below the 20 and 200-day SMAs, with the price eventually settling at $62,253 after a drop of 0.89%. The current session sees BTC marginally up as buyers and sellers struggle to establish control.
As we can see in the price chart, BTC faces a strong level of resistance at $65,000. However, it also has support at $60,000 and $62,000. If buyers can push above the 20 and 200-day SMAs and $65,000, BTC could rally to $70,000. On the other hand, should sellers retake control, the price could drop to $60,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) fell back on Monday after a failed push above $2,500, as the resistance level held firm. As a result, ETH remains in a consolidation phase, trading in a wide range that spans between the $2,200 support zone and the $2,700 resistance. ETH failed to push above $2,700 on September 27, turning bearish as selling pressure grew. The subsequent week saw a substantial decline as ETH slipped through the 20 and 50-day SMAs and crucial support levels. By Wednesday, ETH had dropped below $2,400 after a decrease of 3.40% and settled at $2,365. ETH experienced considerable volatility on Thursday as buyers attempted a recovery while sellers tried to drag the price below $2,300. In the end, sellers came out on top as ETH dropped by 0.64% to $2,350. However, buyers were able to keep ETH above $2,300.
Source: TradingView
Friday saw ETH recover as it registered an increase of almost 3% and climbed back above $2,400 to $2,415 before marginally declining on Saturday. Buyers were back in control on Sunday as ETH ended the previous week positively after registering an increase of just over 1% and moving to $2,440. The current week began with ETH attempting to push above $2,500 and reaching a day high of $2,520. However, buyers lost steam at this level thanks to strong selling pressure, and sellers took over, pushing ETH back below $2,500 and the 20 and 50-day SMAs. ETH eventually registered a drop of 0.71% and settled at $2,423. The current session sees ETH marginally up as buyers look to retest the resistance at $2,500.
A break above $2,500 could indicate that bears are losing influence, and ETH could push on to $2,600 and $2,700. On the other hand, sellers will look to drive ETH below $2,400. Should this level be breached, ETH could drop to $2,300 before rebounding.
Solana (SOL) Price Analysis
Solana (SOL) is struggling to recover and push back above $150 as sellers look to drive the price below the $140 support level. The altcoin has been down over 4% during the past 24 hours and remains in the red with sellers firmly in control. SOL turned bearish last weekend after failing to push above $160 despite reaching a day high of $161. After turning bearish, SOL registered a substantial decline during the past week, slipping below key levels. By Thursday, SOL had dropped to a day low of $133 as sellers sought to drive the price below $130.
Source: TradingView
However, SOL recovered on Friday, registering an increase of 4.62% to climb back above the 50-day SMA and $140 and settle at $143. It registered a marginal decline on Saturday, dropping by 0.39%, but recovered on Sunday, rising by 2.73% and settling at $146, ending the previous week on a positive note. However, SOL was still unable to push above the 20-day SMA. The current week began with SOL attempting a move past $150. SOL reached a high of $152, going above the 20-day SMA. However, with the 200-day SMA acting as a dynamic level of resistance, buyers lost steam, and SOL fell back into the red, dropping back below the 20-day SMA. SOL eventually settled at $143 after a decline of almost 2%. The current session sees SOL remain in the red as sellers look to push the price below $140.
Buyers will do their best to keep SOL above $140. A break below this level could see SOL drop to $130. On the other hand, if buyers regain control, they will attempt to push SOL back towards $150.
Bittensor (TAO) Price Analysis
Bittensor (TAO) has made a strong recovery since falling to a low of $472 on Thursday after reporting a decline of 4.16%. After Thursday’s decline, TAO rebounded from its support level, surging by almost 18% on Friday to push above $500 and $550 to settle at $586. TAO attempted to go above $600 on Saturday but failed. Instead, sellers took over and pushed the price down by 3.23% to $567. However, TAO made a strong recovery on Sunday, going past $600 after an increase of almost 12% pushed it to $634.
Source: TradingView
Buyers attempted a push towards $700 on Monday as TAO registered a day high of $678. However, with intense selling pressure prevailing at upper levels, TAO fell back in the red, dropping by almost 4% to $609. Crucially, however, TAO remained above $600. The current session sees TAO up by over 2% as buyers look to consolidate above $600 and make another attempt to push above $700.
Toncoin (TON) Price Analysis
Toncoin (TON) ’s bearish trajectory has continued this week despite posting a slight recovery over the weekend. TON turned bearish after failing to stay above the crucial $6 level despite reaching a high of $6.14 last Friday (September 27). After turning bearish, TON dipped below the 20 and 50-day SMAs on Tuesday, when it dropped over 6% and settled at $5.36. Wednesday saw a further decline of 1.06%, with TON dropping to $5.30. Selling pressure pushed TON to a day low of $5.14 on Thursday. However, TON recovered after dropping to this level and ended Thursday with an increase of 0.49%, climbing to $5.33.
Source: TradingView
Friday saw TON continue to push higher as it registered an increase of 1.51% and rose to $5.41. Despite buyers entering the market, TON could not go above $5.50. The weekend was a mixed bag for TON as it registered a substantial decline of almost 4% on Saturday before registering an increase of 1.43% on Sunday to end the weekend at $5.30. However, TON was back in the red on Monday, dropping by 1.52% to $5.22. The current session sees TON down by 1.29% as sellers look to push the price below $5.
Uniswap (UNI) Price Analysis
Uniswap (UNI) had posted an impressive recovery since dropping to a day low of $6.40 on Thursday when it slipped below the 50-day SMA and the $6.50 support level. However, buyers could push UNI back above $6.50 as it settled at $6.54. UNI made a strong recovery on Friday, rising by 2.57% to move back above the 50-day SMA and settling at $6.71. The weekend saw UNI remain bullish as it registered an increase of 1.50% on Saturday and almost 4% on Sunday to climb above the 20-day SMA and settle at $7.06.
Source: TradingView
The current week began with UNI attempting a move past $7.50. It reached a day high of $7.46 before losing momentum and eventually settling at $7.24 after an increase of 2.52%. The current session sees UNI down by just over 2% as sellers look to drive the price back below $7 and the 20-day SMA.
Internet Computer (ICP) Price Analysis
Internet Computer (ICP) registered a staggering drop after failing to push above $10 on Friday (September 27). Since then, it registered a substantial decline, falling below key levels and the 20 and 50-day SMAs. By Wednesday, ICP was down to $8 after a drop of almost 4%. It faced significant volatility on Thursday, falling to a day low of $7.70. However, it recovered from this level and registered a marginal increase to end the day positively. Bullish sentiment picked up on Friday as ICP registered an increase of 4.11% to push back above the 50-day SMA and settle at $8.36.
Source: TradingView
However, it fell back in the red on Saturday, dropping by almost 2% to $8.20. Crucially, however, ICP managed to stay above $8. It recovered on Sunday, rebounding from the 50-day SMA, registering an increase of almost 4% and settling at $8.51. Buyers attempted to move past the 20-day SMA on Monday as ICP rose to $8.65. However, it lost momentum as sellers overwhelmed buyers and pushed ICP back below the 50-day SMA to $8.04 after a decline of 5.52%. The current session sees ICP down by 0.50% as sellers look to push the price below $8 while buyers attempt to push it back above the 50-day SMA.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
