Bitcoin Price Forecast: Will Michigan Consumer Sentiment Data Drive $100,000 BTC?
Bitcoin price behavior depends on major resistance levels and triggers like the Michigan Consumer Sentiment data.
At 68.9 in October, sentiment fell below forecasts, raising inflation concerns.
As Bitcoin nears $63,450 barrier, market participants worry whether fresh bullish momentum would drive a rally to $100,000 or a reversal.
October US consumer sentiment falls to 68.9, inflation expectations rise to 2.9%
The University of Michigan's October 2024 consumer sentiment data fell to 68.9 from September's five-month high of 70.1 and below the anticipated 70.8. Current circumstances declined to 62.7 from 63.3, while expectations fell to 72.9 from 74.4.
The one-year inflation prediction rose to 2.9% from 2.7%, while the five-year projection fell to 3.0% from 3.1%.
Though frustrated by high costs, long-term business conditions hit a six-month peak as personal financial expectations relaxed, according to Survey Director Joanne Hsu.
Bitcoin Price May Pullback at $63,450 Resistance?
Bitcoin trades at $62,960, up 0.04% daily. Bitcoin faces a major struggle as it hits $63,450, a crucial resistance level.
This level is on a negative trendline from market highs, preventing additional price rises.
Doji candlesticks below this level indicate market hesitation and reversal potential.
If Bitcoin fails to break this trendline, selling pressure may rise, causing a downturn. The Doji pattern frequently indicates indecision.
Signals Overbought Could Cause Correction
Bitcoin's RSI of 71 indicates overbought. This technical signal increases short-term downturn risk.
Historically, RSI readings over 70 suggest overextension, increasing the likelihood of a negative reversal.
Bitcoin's immediate support levels are $61,550, $61,100, and $60,600 if it fails to break $63,450.
These levels might absorb selling pressure as buffers.
Breaking Resistance Could Lead to More Gains
Despite the potential of a retracement, a breach over $63,450 would imply positive momentum.
