Bitcoin hits 2-week low on US inflation data — When will BTC price bounce?
Bitcoin (BTC) hit a two-week low on October 11, 2023, after the release of US inflation data. The data showed that inflation rose to 8.2% in September, the highest level since 1981.
The rise in inflation is a negative sign for Bitcoin, as it means that the purchasing power of Bitcoin is declining. It also means that the Federal Reserve is likely to continue raising interest rates in an effort to combat inflation.
This could lead to a further decline in Bitcoin’s price, as investors move their money to assets that offer a fixed return, such as bonds.
When will BTC price bounce?
It is impossible to say for sure when Bitcoin’s price will bounce. However, there are a number of factors that could lead to a recovery in the near term.
One factor is the fact that live cryptocurrency prices is oversold. According to the Relative Strength Index (RSI), Bitcoin is currently in oversold territory. This means that the cryptocurrency is likely to experience a rebound in the near term.
Another factor that could support Bitcoin’s price is the launch of new Bitcoin-related products and services. For example, the US Securities and Exchange Commission (SEC) is currently considering approving a Bitcoin ETF. The launch of a Bitcoin ETF would make it easier for investors to invest in Bitcoin, and it could lead to an increase in demand for the cryptocurrency.
Finally, Bitcoin’s price could also be supported by increasing adoption from institutional investors. In recent months, a number of large institutional investors have announced that they are investing in Bitcoin. This trend is likely to continue in the future, as more and more institutions recognize the value of Bitcoin as a long-term investment.
What can Bitcoin investors do now?
Bitcoin investors should be patient and should not panic sell. Bitcoin has experienced many bear markets in the past, and it has always recovered.
Investors should focus on their long-term investment goals and should only invest in Bitcoin what they can afford to lose.
In the near term, investors may want to consider diversifying their portfolios by investing in other asset classes, such as stocks and bonds. This will help to reduce their risk if the cryptocurrency market continues to decline.
Other factors that could affect Bitcoin’s price in the near term
In addition to the factors listed above, here are some other factors that could affect Bitcoin’s price in the near term:
The ongoing war in Ukraine: The ongoing war in Ukraine is creating uncertainty in the global economy. This could lead to a decline in Bitcoin’s price, as investors seek out safe-haven assets.
Regulatory changes: Regulatory changes affecting Bitcoin and other cryptocurrencies could also have a significant impact on Bitcoin’s price. For example, if the US government were to ban Bitcoin, it would likely lead to a sharp decline in the cryptocurrency’s price.
Technological advancements: Technological advancements could also affect Bitcoin’s price. For example, the development of a new quantum computing algorithm that could break Bitcoin’s encryption would likely lead to a sharp decline in the cryptocurrency’s price.
Bitcoin’s price is currently in a downtrend, but there are a number of factors that could lead to a recovery in the near term. Investors should be patient and should not panic sell. They should also focus on their long-term investment goals and should only invest in Bitcoin what they can afford to lose.
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Additional information
Here is some additional information about the factors that could affect Bitcoin’s price in the near term:
The ongoing war in Ukraine: The ongoing war in Ukraine is a major geopolitical event that is creating uncertainty in the global economy. This uncertainty is likely to weigh on Bitcoin’s price in the near term.
Regulatory changes: Regulatory changes affecting crypto market today and other cryptocurrencies are another major factor that could affect Bitcoin’s price. Governments around the world are still trying to figure out how to regulate cryptocurrencies, and any major changes to regulations could have a significant impact on Bitcoin’s price.
Technological advancements: Technological advancements are a constant factor that could affect Bitcoin’s price. For example, the development of a new quantum computing algorithm that could break Bitcoin’s encryption would likely lead to a sharp decline in Bitcoin’s price. However, technological advancements could also lead to a rise in Bitcoin’s price, such as the development of new technologies that make it easier to use Bitcoin or that make it
