The post Crypto Price Analysis 10-8 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, BITTENSOR: TAO, TONCOIN: TON, UNISWAP: UNI, INTERNET COMPUTER: ICP appeared on BitcoinEthereumNews.com.

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…

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Filed under: News - @ October 10, 2024 9:22 am