BTC Revisits Key Levels

After September’s robust US labor market data, the price of Bitcoin (BTC) exploded and retested $28,000.

The Bureau of Labor Statistics (BLS) reports that payroll employment increased by 336,000 in September, while the unemployment rate remained at 3.8%.

The Federal Open Market Committee could adopt a hawkish posture at its November meeting if employment data are favorable.

However, September Consumer Price Index (CPI) data, anticipated to be released on October 12, could clarify the Fed’s interest rate decision in November.

A recent analysis of BTC price movement accurately predicted a rise above $28,000, followed by a decline to $27,500 due to liquidity effects. Bitcoin demonstrated a propensity to revisit price imbalances or liquidity zones.

Since October 2, buyers have utilized the price volatility between $27,000 and $27,200 to re-enter the market.

In early August, the previous low level corresponded to the recent rejection, and the high level was $28,500.

Above this level, there is additional price volatility between $28,700 and $29,000, limiting the OB’s daily decline from $29,000 to $30,400.

BTC may, therefore, retest the specified resistance levels of $28,500, $29,000, and $29,500 if the CPI data released on Thursday favors investors.

On the other hand, investors may defend price imbalances and the demand zone between $27,000 and $27,200, according to the statement.

Any decline below the $27,000 level, particularly if the September CPI favors sellers, could cause BTC to decline to $26,400 or the daily uptrend OB. In addition, the RSI indicates a positive purchasing pressure, whereas the OBV shows that spot market demand has recently been volatile.

In additon, the CMF indicates that capital inflows into the BTC market have remained sub-zero, suggesting that they have remained muted.

According to data from MobChart’s order flow analysis, BTC’s price could be $28,500, $29,000, or $29,500. Significant sell limit orders were placed at the specified levels.

When writing, 145 and 157 BTC were sold on Binance Exchange for $28,500 and $29,000, respectively.

In contrast, purchase limit orders were placed at $27,200 and $27,000. According to the information provided by Coinglass’ Liquidation Map, the buy and sell limit order levels coincided with the fundamental liquidity levels.

Therefore, the BTC price may fluctuate between $27,000 and $29,000 in the coming days.