Bitcoin's Rising Trend in Jeopardy, Warns Jim Wyckoff
Date: 2023-10-11 Author: Dima Zakharov Categories: BLOCKCHAIN, CRYPTO PAYMENTS
On the daily chart, Bitcoin prices remain above the EMA 50 moving average. However, popular crypto analyst and successful trader Jim Wyckoff warns that the current upward trend of BTC is at risk.
Wyckoff noted a significant drop in prices for October futures, with sellers becoming more active midway through the week. If buyers do not take appropriate action soon, the flagship of the crypto market could experience a substantial drop in price in the near future.
The expert pointed out that, for now, MACD and RSI indicators on the H4 interval suggest further development of the upward trend. However, Jim Wyckoff emphasized that the situation could change significantly in the near future. Meanwhile, the crypto market leader is trading near the $27,080 mark, losing more than 1.45% in value over the past day.
In parallel, investors' attention is drawn to macroeconomic indicators. Many specialists note that inflation in the United States may increase significantly by the end of September. This is indirectly evidenced by the stable labor market conditions and rising consumer sentiment.
There is also pressure from the rapid rise in oil prices on the international market amid geopolitical tensions in the Middle East. If the consumer price index indeed rises at the end of the previous month, the Federal Reserve System will likely need to take more aggressive action.
All of these factors could lead to a potential increase in the refinancing rate following the upcoming Federal Reserve meeting. Additionally, analysts at IntoTheBlock noted that Bitcoin is facing problems due to sell-offs initiated by crypto miners, which have exceeded $544 million in the past week.
