4 things to watch for Bitcoin this week

Things to watch for Bitcoin this week Cointelegraph outlines four things to watch for in Bitcoin this week: - Whether it can break above $63,800: Bitcoin has been hovering around the $63,000 mark for the past few days. If it can break above this level, it could signal a further rally. - The release of the US CPI on Thursday: The US CPI is a key inflation indicator. A higher-than-expected CPI reading could put pressure on the Federal Reserve to raise interest rates, which could be negative for Bitcoin. - Signs that long-term holders are taking profits while short-term holders are accumulating: Glassnode data shows that long-term holders have been taking profits in recent weeks, while short-term holders have been accumulating. This could be a sign that a bottom is forming. - The return of “Uptober,” which has historically been a month of positive returns: October has historically been a bullish month for Bitcoin. If this trend continues, we could see a rally in the coming weeks.