Bitcoin recovered to $68,993 on Friday after touching a 3-month low of $67,564. Despite the rebound from oversold 14-hour RSI levels, the cryptocurrency remains under pressure from a daily-chart downward breakout and hotter-than-expected October US CPI data of 0.4% MoM.
Bearish
🤖 55%
After touching a 3-month low near $67,564, Bitcoin bounced to about $68,993, but it remains below its 100-hour moving average and has completed a downward breakout from a descending channel on the daily chart, with the 14-day RSI oversold supporting a bearish bias. A hotter-than-expected October CPI (0.4% MoM vs 0.3% forecast) adds fundamental pressure. The oversold bounce could briefly extend toward $70,326, so direction is not certain.
Catalysts
- ▼ Daily-chart downward breakout from descending channel with 14-day RSI oversold, favouring declines toward $64,225 and $59,122
- ▼ October US CPI hotter than expected at 0.4% MoM vs 0.3% forecast, core steady at 0.3% vs 0.2% forecast
Risk Factors
- ▲ 14-hour RSI rebound from oversold conditions could stretch the bounce toward $70,326 and $71,883
- ▲ Continuing claims fell to 1.697 million from 1.717 million, below the 1.72 million forecast, softening the negative labour-market signal