Bitcoin Price Today: Near $110,479 as Investors Eye Key Macroeconomic Events
Bitcoin is currently trading close to $110,479, with investors exhibiting caution ahead of two significant upcoming macroeconomic events: the U.S. October Consumer Price Index (CPI) report and next week’s Federal Reserve policy meeting. These events are crucial as they could indicate whether inflation has eased sufficiently to prompt the much-anticipated interest rate cuts, potentially setting the stage for Bitcoin’s next major price movement.
**Bitcoin Price Prediction Ahead of CPI Report Release**
Bitcoin’s price remains highly sensitive to today’s CPI data release. A softer-than-expected CPI reading could act as a bullish catalyst, potentially pushing Bitcoin beyond the $112,000 mark. On the other hand, a higher-than-expected CPI might temporarily weigh on the market, driving prices down toward support levels around $107,000.
Several traders have identified key intraday levels to watch for potential trades. A dip near $110,200 could present a buying opportunity, while a turnaround around $109,700 may serve as an additional entry point. Short-term positions should be monitored closely and potentially adjusted if Bitcoin falls below $109,300. However, the overall outlook remains cautiously bullish if key resistance levels are broken.
**BTC Price Analysis Today**
Bitcoin has traded within a range of $100,000 to $120,000 for nearly six months, exhibiting low volatility. Crypto analyst Michael van de Poppe suggests that this quiet period may soon end. He noted that Bitcoin is “nearing a big volatile move” as economic conditions begin to evolve.
Van de Poppe compares the current market environment to 2021, pointing out that Bitcoin today trades near $110K while interest rates are around 4-4.5%, in contrast to 2021 when Bitcoin reached $69K amid near-zero rates. If interest rates decline, Van de Poppe believes Bitcoin could experience a strong upward impulse.
From a technical perspective, Bitcoin’s relative strength index (RSI) currently sits around 43, indicating there is room for growth. Additionally, low trading volumes suggest a potential buildup ahead of a breakout. Analysts highlight $107,000 as a key support level and $112,000 as the resistance to watch in the days ahead. Market observers emphasize $112,000 as the critical breakout level.
The 150-day exponential moving average (EMA), a long-standing trend indicator, continues to support bullish sentiment. As long as Bitcoin remains above $107,000, the prospect of a significant upward move increases.
**On-Chain Data Signals Potential BTC Price Pullback**
On-chain analyst Ali Martinez has pointed out that Bitcoin recently fell below its Short-Term Holder (STH) Realized Price, a metric that often signals the onset of deeper market corrections. If historical trends hold, Bitcoin could experience a brief dip toward the Long-Term Holder (LTH) Realized Price, located near $37,000, before recovering.
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*Also read: [U.S. CPI Report Release Today Could Shake the Crypto Market: Here’s What to Expect]*
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