Futures Analysis: Sellers Intensify Pressure on Bitcoin

On October 13, the U.S. Bureau of Labor Statistics reported that the core inflation rate in September rose to 6.6%. This marked the highest reading since 1982.

Bitcoin initially fell below $18,200, but by the evening quotes had recovered to above $19,000. As of writing, Bitcoin trades around $19,600, and Ethereum sits above $1,300.

What to expect from the market this week? We analyse price levels of cryptocurrencies on the Bybit exchange Bybit.

BTCUSD

After a false break of the $19,000 support, the BTCUSD price quickly rose toward the $20,000 resistance area, but the bears did not let Bitcoin clear the psychologically important level.

This week, the bulls may retest $20,000. If buyers again fail to clear this level, the asset could make a new low below $18,200.

ETHUSD

Like Bitcoin, Ethereum briefly dipped below $1,200 last Thursday and then recovered to the strong support around $1,300.

If Bitcoin maintains the uptrend, ETHUSD could reach resistance around the $1,400 area. If Bitcoin cannot hold above $20,000, a renewed test of support around $1,200 may occur.

Conclusions

After false breaks of support, Bitcoin and Ethereum have again moved into a sideways trend. Cryptocurrencies are likely to push new lows below $18,000 and $1,200, respectively.

If Bitcoin cannot hold above $20,000, cryptocurrencies will continue to print new lows below $18,000 and $1,200, respectively.

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