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October is proving to be a disappointing month for cryptocurrency investors. BTC has once again dropped below the support level. Except for the first few days, October has not been delivering what investors want. As of the time of writing, BTC continues to show signs of weakness. Pay extra attention at 9:00 PM.
Bitcoin and Altcoins Falling
The king of cryptocurrencies, Bitcoin, has fallen below the critical support level of $26,800. Although it seems to be holding above the region for now, selling pressure may accelerate in the coming hours. Today’s Producer Price Index (PPI) data was not good. The employment data released last week also suggests that the Fed may need to tighten further. The Fed Minutes will be released at 9:00 PM, and we will see tomorrow’s US inflation data.
Due to the increase in fuel prices, there is a risk of higher-than-expected inflation tomorrow. On the other hand, if the Fed Minutes further support Powell’s hawkish stance, it will mean tough times ahead for altcoin investors.
Currently, many altcoins have fallen below the price levels where BTC is at $25,000. This is concerning because the two steps forward, two steps back movement has been wearing down altcoins for months. In this scenario, it is likely that many cryptocurrencies will see new all-time low levels.
If the decline continues, BTC could fall to $26,000 and $25,500 levels. On the other hand, a selling wave that confirms the warnings of analysts for $23,500 and $22,000 levels, which have been going on for weeks, could also begin. The cumulative value of cryptocurrencies is preparing to drop to $1 trillion. It is important for investors to be cautious in case of closing below $26,800.
