Bitcoin Recovers after Scare: Inflation Firm, Will A Trump Win Propel BTC To $97,000?
Bitcoin is firm, trading above $60,000 amid rising inflation in the United States. Will BTC break above $74,000?
Bitcoin is steady at press time. Even with rising inflation in the United States, prices couldn’t tick higher considering its role as a store of value asset. At press time, sellers remain in charge and would require prices to not only close above $64,000 but the leg up must be decisive, preferably at the back of rising trading volume. As it is, buyers are hopeful, recovering after dropping below $60,000. However, how Bitcoin performs in the short to medium term depends on whether bulls maintain prices above the support at $60,000, a psychological level of importance—at least for now.
Traders are confident of what lies ahead. Now that the dump wasn’t as sharp as last week, Bitcoin stands a chance. All the same, how this week’s bar closes will likely shape the short to medium-term formation. Technically, BTC is stable amid decent trading volume at around $30 billion.
The following trending Bitcoin news developments are worth tracking:
- Bernstein, a wealth manager controlling over $37 billion worth of assets, thinks BTC can easily float to over $90,000 if Donald Trump wins. According to Polymarket, voters in the United States are placing their bets in support of the former president.
- Inflation in the United States rose to 2.4%, not the 2.3% expected. Risk-on assets like Bitcoin tend to perform better in an inflationary environment.
Bitcoin Price Analysis
BTC/USD is steady and recovering after yesterday’s scare.
The preview of this week remains unchanged.
Bulls still have a chance since prices are inside the $60,000 and $64,000 zone.
A close above $64,000, peeling back October 1 losses, is a massive endorsement for buyers.
However, if Bitcoin slips and $60,000 is broken again, the coin might extend losses, aligning with last week’s losses.
In that case, BTC can easily dump to $50,000.
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