- Bitcoin’s price could revisit the $26,400 to $26,200 price region.
- The flagship crypto has shown weaknesses ahead of crucial events.
- The U.S. CPI data will be released tomorrow, October 12, by 8:30 a.m. EST.
According to a member of the Binance community identified as Imtiazzavi, Bitcoin’s price could revisit the $26,400 to $26,200 price region if the break below $27,000 sustains. Imtiazzavi projected after the flagship crypto pushed below $27,000 for the first time, rallying above it on October 1.
Although Bitcoin price has returned above $27,000, Imtiazzavi identified weaknesses in the pioneer crypto’s recent price behavior. The Binance community member thinks Bitcoin is at a critical level, considering some of the significant events about to take place in the financial and cryptocurrency sectors.
The U.S. CPI data will be released tomorrow, October 12, by 8:30 a.m. EST, and Imtiazzavi believes the data’s outcome will be significant to what happens to Bitcoin price. The CPI, meaning the consumer price index, measures the change in the price of goods and services purchased by consumers. It gauges the inflation rate and the pulse of the economy.
This month’s CPI is forecasted at 0.3%, against last month’s 0.6%. Depending on the outcome, traders could buy or sell off their assets to take advantage of the prospective economic fallout or hedge against inflation. Immtiazzavi thinks this data, in addition to Bitcoin’s current price action, demands that investors trade with caution.
Immtiazavi spotted the upcoming Binance vs. SEC Hearing as another crucial event that could impact Bitcoin’s price. The hearing is scheduled for the same day as the release of the CPI data. It is a legal issue directly affecting the crypto sector, and participants would be keen on the event’s outcome.
The SEC sued Binance in June, alleging that the crypto exchange illegally listed unregistered securities as cryptocurrencies for trading and investment by U.S. investors. The crypto exchange has since filed for the lawsuit to be dismissed, claiming the regulator hadn’t “plausibly alleged” various securities-related violations.
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