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With the upcoming Consumer Price Index (CPI) release forecasted to be below 2.3%, it signals a continuation of disinflationary trends, which can be favorable for assets like Bitcoin. A lower-than-expected CPI could reduce pressure on the Federal Reserve and other central banks to maintain high interest rates, which is often bullish for risk assets, including cryptocurrencies.Currently, Bitcoin is trading around $61,190, and if inflation data comes in lower than anticipated, it may spur a bullish reaction. Given this scenario, you might consider entering a long position on BTC with some caution, as macro factors are still at play.Possible entry levels to watch include:1. $60,500 to $61,000:This zone could serve as a strong support level for new entries, as it’s close to the current trading price.2. $58,800: If BTC experiences a slight pullback before moving upward, this level could present a good opportunity for longer-term accumulation.It's essential to monitor the CPI release on October 16, 2024, for confirmation of market sentiment and adjust your positions accordingly
For a potential Long entry on Bitcoin with the current price at $61,190, here are a few key levels to consider:
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1. $BTC
$61,000 - $60,500: This is a good support zone near the current price. Entering at this level with a tight stop loss would allow you to manage risk effectively in case of market volatility.
2. $58,800: If there's a pullback, this level could serve as a stronger support, giving an ideal accumulation zone for a longer-term trade, especially if market sentiment shifts.
Set your stop loss below $58,000 to manage downside risk. If the CPI data release comes in better than expected (below 2.3%), you could see a breakout above $62,000, so you can target upside levels like $65,000 or higher.
Monitor how the CPI data affects the market before confirming your entry
comment with your entry
