Crypto Magic: Bitcoin Towards 66,000 US Dollars Ahead Of CPI Data Release

Bitcoin (photo: VOI) Price

JAKARTA - Although last week overshadowed by geopolitical pressure, Bitcoin has rebounded from US$60,000 (Rp936 million) support, up to US$64,000 resistance on Monday, October 7.

Financial Expert Ajaib Kripto, Panji Yudha said that on Wednesday, October 9 at 09.30 WIB, Bitcoin perched at 62,300 US dollars (Rp972 million) down 0.40 percent in 24 hours.

"In terms of technicality, BTC has the potential to weaken first to MA-100 at around $61,000 before returning to USD 64,000 resistance and the next target to USD 66,000 (IDR 1.03 billion)," explained Panji.

This week, Panji said, the US economic calendar could be a catalyst for the Bitcoin movement. Where on Wednesday, October 9, the Fed will release minutes of a September meeting, providing insight into future policies.

Then on Thursday 10 October, the September Consumer Price Index (CPI) report will be released. And Friday, October 11, the Producer Price Index (PPI) will be released with an estimated drop to 1.60 percent YoY.

According to him, the increase in PPI can show sustainable inflation, make Bitcoin more vulnerable to price adjustments, and affect mining costs.

If inflation is weak this week, Panji said, it is likely that further interest rates could increase, supporting Bitcoin. However, strong employment data can strengthen arguments to maintain interest rates.

"This week, I imagine with economic data that can determine the direction of movement for Bitcoin. With inflation data and the upcoming Fed's decision, investors need to be aware of factors that affect the market," concluded Panji.