Additional positive macroeconomic forces could help Bitcoin in the short term. Namely, the latest Consumer Price Index data, which was released today.
The forecasts put inflation at 3.3% year over year, and the report revealed that inflation came in just under at 3.2%.
Higher interest rates compete with risk assets for investor dollars, so to see inflation numbers come in lower than anticipated could give Bitcoin a boost, though we havenât seen that manifest just yet.
But looking to the long/short ratio gives us another clue.
The long/short ratio is 48% long to 52% shorts. Since the CPI print came in bullish, there is a strong possibility of a short squeeze upward back to $37,000.
Still, CPI numbers are likely only to move Bitcoin in the short term. Much more significant to price action will be the approval of a spot Bitcoin ETF.
The next application up for approval is Hashdex Bitcoin ETF with a deadline of Nov. 17, followed by Global X Bitcoin Trust with a deadline of Nov. 21.
If either gets approved by next Tuesday, then weâll likely see Bitcoin continue its industrious uptrend. If not, then we are more likely to see an actual correction as the next opportunity for an ETF approval isnât until January 2024.
But donât let the word âcorrectionâ get you down. We are officially transitioning into a bull market, which means corrections are buying opportunities.
And not just for Bitcoin!
As BTC trades sideways, certain altcoins will outperform the market significantly. This is the moment where massive profits are possible â when select altcoins are trading near their bear market lows ⊠and have plenty of room before hitting their previous all-time highs!#BTC #CryptoTradingTip #BinanceSquareInsight
