Bitcoin price held steady today, Oct. 24, as crypto investors awaited upcoming US inflation data, next week’s Federal Reserve interest rate decision, and Donald Trump’s meeting with Xi Jinping. It also stabilized a bit after the US public debt crossed the $38 trillion milestone.
US Inflation Report Ahead
Bitcoin price will react to the upcoming US inflation data, the only report to come out during the ongoing government shutdown.
Economists expect the report to show that the headline consumer price index jumped from 2.9% in August to 3.1% in September, the highest level since June last year. Core inflation, which excludes the volatile items, is expected to remain at 3.1%.
A higher-than-expected inflation report will be bearish for Bitcoin because it will lead to hesitation among the Federal Reserve to continue cutting interest rates.
The other alternative is where US inflation aligns with expectations. In most cases, a CPI report that comes out in line with expectations is often bullish for cryptocurrencies and the stock market.
READ MORE: What Next for the Tron Price as its Stablecoin Growth Continues?
The final alternative is where the headline inflation report comes out short of expectations. Such a report will be highly bullish for Bitcoin, as it will confirm the next interest rate cut amid ongoing concerns about the labor market.
Still, the crypto market’s reaction will take into account other catalysts, including next week’s Federal Reserve interest rate decision and the meeting between Donald Trump and Xi Jinping at the APEC Summit in South Korea. The meeting on Thursday will be important because it will determine whether the trade war continues.
If the two countries reach a deal, it could be bullish for Bitcoin and the crypto market, as it would mitigate the industry’s biggest risk.
Bitcoin Price Technical Analysis
The daily timeframe chart shows that the Bitcoin price has remained under pressure over the past few weeks, plunging from a high of $126,350 to the current $110,000. It is between the 50-day and 200-day Exponential Moving Averages (EMA).
The coin has formed a bearish pennant and a double top. Therefore, the most likely scenario is a bearish breakdown, potentially to the next key support level at $105,000 or below.
Alternatively, Bitcoin price may surge as investors anticipate the upcoming trade talks between the US and China.
READ MORE: Here’s Why Solana Price Has Crashed and What’s Next
