Bitcoin

<p><a href="https://coinpedia.org/price-analysis/bitcoin-entered-a-parabolic-phase-heres-why-the-selling-point-is-likely-much-beyond-100k/" target="_blank" rel="noreferrer noopener">Bitcoin recently faced a significant pullback</a>, dropping to $86,000 after reaching an intraday high of $89,964. This decline follows a strong upward trend fueled by the <a href="https://coinpedia.org/news/2024-us-elections-result-donald-trump-officially-elected-president/" target="_blank" rel="noreferrer noopener">U.S. election results</a> and rising market sentiment. However, analysts are now warning of a potential correction ahead of the Consumer Price Index (CPI) data release on November 13.</p>   
<p>The fresh inflow into the crypto market could be a sign of a short-term correction. With the CPI report just around the corner, analysts believe it could slow down Bitcoin’s upward movement. </p>   
<p>Let’s take a closer look at the market sentiment and what it means for Bitcoin’s price.</p>   
<h2 class="wp-block-heading" id="h-expert-predicts-10-pullback"><strong>Expert Predicts 10% Pullback </strong></h2>   
<p>Michaël van de Poppe, founder of MNConsultancy, expects a 10% retracement for Bitcoin before the CPI data is released. He suggests that Bitcoin’s price could pull back to the 38.2% Fibonacci retracement level, targeting a range between $75,669 and $81,193. He also notes that $66,729 is an important support level, with $64,130 potentially acting as another area for liquidity to be taken out. </p>   
<p>Van de Poppe believes this correction would be a natural market move before Bitcoin resumes its upward trend.</p>   
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<p>Binance co-founder Changpeng Zhao (CZ) recently warned that Bitcoin’s approach to its all-time high could cause major volatility. His caution highlights the uncertainty in the market and suggests that price swings could intensify in the near term.</p>   
<h2 class="wp-block-heading" id="h-overbought-signals-trouble"><strong>Overbought Signals Trouble </strong></h2>   
<p>Technically, Bitcoin seems to be entering overbought territory. The cryptocurrency is trading above the upper Bollinger Band, a signal that often points to consolidation or a correction. Additionally, the 14-day <a href="https://coinpedia.org/traders/what-is-relative-strength-index-rsi/" target="_blank" rel="noreferrer noopener">Relative Strength Index</a> (RSI) stands at 75.20, well above the 70 threshold that typically signals overbought conditions. These indicators suggest that Bitcoin could face downward pressure or a short-term price correction soon.</p>   [post_titles_links postid="379011"]   
<h2 class="wp-block-heading" id="h-bitcoin-market-analysis"><strong>Bitcoin Market Analysis </strong></h2>   
<p>Currently, Bitcoin is holding steady above $87,000, priced at $87,455.04, despite a slight 1.34% dip in the last 24 hours. Its market dominance has increased from 59.01% to 59.52%, even as trading volume has decreased by 8.57%. With a market cap of $1.71 trillion, <a href="https://coinpedia.org/price-analysis/bitcoin-consolidates-above-the-gains-may-revamp-a-strong-rise-once-long-term-holders-become-bullish/" target="_blank" rel="noreferrer noopener">Bitcoin continues to show resilience</a> in the face of minor market corrections. Moreover, a noticeable rise in retail interest suggests that demand for Bitcoin remains strong.</p>   
<p>Technical analyst <a href="https://x.com/ali_charts" target="_blank" rel="noreferrer noopener nofollow">Ali Martinez</a> has pointed out that a rise in retail interest often precedes price corrections. He notes that increased search activity for Bitcoin can be a sign that the market is gearing up for a cooldown. This surge in interest may indicate that <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin’s price</a> could face further declines in the short term.</p>   
<p><strong>Despite the potential for short-term corrections, the long-term outlook for Bitcoin remains bright. Stay tuned for updates.</strong></p>

Bitcoin Faces Correction Risk Ahead of Crucial US CPI Data Today

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