Ali Raza
Bitcoin is pumping today in light of the recently released CPI data showing that inflation levels in the US are dropping. At the time of writing, Bitcoin had gained 5%, and it was trading at $17,344.
Bitcoin price analysis
Bitcoin’s price is bullish today. The recent gains come after a few days of intense bearish pressure that saw Bitcoin dropping to the $16K levels. Bitcoin is currently down 14% over the past week and 74% from its all-time highs.
When Bitcoin fell to two-year lows of $15,600 this week, the market fear level was at record highs. At the current price of $17,344, the situation is not any better as the Bitcoin Greed and Fear Index still shows that investors are in extreme fear.
The recent pump is showing signs of cooling off. The Relative Strength Index (RSI) at 48 shows that Bitcoin is neither overbought nor oversold. On the other hand, the Moving Average Convergence Divergence (MACD) line is trading at par with the signal line, indicating that neither bulls nor bears are currently in control.
Nevertheless, the fear and anxiety across the broader market make it more likely for the bears to have control of the market again. Bitcoin needs to hold support at $17,200 to prevent the price from slipping below $17K again.
Easing US inflation pauses downtrend
Bearish sentiment has been felt across most asset classes this year because of the Federal Reserve’s move to raise interest rates to curb rising inflation. However, speculations are now optimistic that the Fed will ease interest rate hikes as inflation data for October was better than expected.
The inflation level for October came in at 7.7%, the lowest level since January this year. The data has resulted in jumps across crypto and stocks. The next Fed meeting on monetary policy is slated to happen in December. If the Fed eases its hawkish stance, we will likely see significant gains in Bitcoin and the entire market.
Two altcoin alternatives to buy
As the cryptocurrency market drops, investors must add altcoins with upside potential to their portfolios. Here are two altcoins worth checking out this bear season.
Dash 2 Trade (D2T)
Dash 2 Trade is a project committed to helping investors make the most out of trading cryptocurrencies. If you are a newbie crypto trader, Dash 2 Trade will help you build your trading strategy and follow expert traders to increase your chances of profits.
Its native token, D2T, is used to make payments to access these services, making it one of the best utility tokens. The prospects of this new cryptocurrency as high, and with the presale already raising $5.9 million, it shows that investor interest is high.
RobotEra (TARO)
If you want to invest in a presale just starting out, check out RobotEra. RobotEra is a blockchain-based game created with players in mind. Within the RobotEra metaverse, players own everything they purchase, making them a big part of the project.
TARO, the native token for this project, is currently in the presale stage. The first stage of the presale has already started, and in the coming days, we expect to see investors flocking in. the price ladder in the presale stages allows early investors to make early gains.
Related
- How to Buy Bitcoin in 2022 – Safely & With Low Fees
- Bitcoin Price Prediction 2022-2030 – How High Will BTC Reach?
- How to Invest in Bitcoin – Beginner’s Guide
Dash 2 Trade - New Gate.io Listing
- Also Listed on Bitmart, Changelly, LBank, Uniswap
- Collaborative Trading Platform Token
- Featured in Bitcoinist, Cointelegraph
- Solid Proof Audited, CoinSniper KYC Verified
- Trading Community of 70,000+ Members
This article was written for Business 2 Community by Ali Raza.
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