Bitcoin Price Prediction Today: Can BTC hold $86k Support With Upcoming CPI Data Release?
Key Takeaways
- The price of Bitcoin is projected to remain within a range of $82k to $90k for today.
- Whether Bitcoin can hold $86k support zone will likely depend on investor caution ahead of upcoming inflation data.
- Considering the volatile nature of the crypto market, corrections to $82k can not be ruled out,
- Amid the macro uncertainties, investors are advised to follow a cautious approach.
Bitcoin’s Current Market Scenario: How is BTC Performing Now?
Bitcoin is currently trading at around $86,772.17. The price has edged up by 1.75% over the past 24 hours. The market cap touched 1.74 trillion. The 24-hour trading volume decreased by over 9% to touch $39.85 billion.
Fear & Greed Index reading of 16 indicates extreme fear in the market. Bearish sentiments dominate the market. The following are the key market indicators and their value.
- Fear & Greed Index: 16 (Extreme Fear)
- Market Sentiment: Bearish
- Supply Inflation: 0.87% (Low)
- Dominance: 58.66%.
- Volatility: 2.69% (Medium)
Bitcoin Price Prediction Today
The price of Bitcoin is projected to remain within a range of $82k to $90k for today. Whether Bitcoin can hold $86k support zone will likely depend on investor caution ahead of upcoming inflation data. Corrections to $82k can not be ruled out, considering the volatile nature of the crypto market.
Bitcoin Price Prediction Tomorrow, & This Week
As for the upcoming week, the price of Bitcoin is projected to stay within a range of $79k to $85k if the market remains devoid of any stimulants.
| Date | Day of week | Daily Low | Daily High | Average |
|---|---|---|---|---|
| 18/12 | Thursday | $85,266.78 | $86,648.3 | $85,957.54 |
| 19/12 | Friday | $85,486.15 | $85,847.3 | $85,666.73 |
| 20/12 | Saturday | $83,727.85 | $85,772.54 | $84,750.2 |
| 21/12 | Sunday | $81,538.82 | $85,610.39 | $83,574.61 |
| 22/12 | Monday | $79,108.1 | $85,190.63 | $82,149.37 |
| 23/12 | Tuesday | $79,227.46 | $83,313.97 | $81,270.72 |
| 24/12 | Wednesday | $81,154.86 | $83,087.09 | $82,120.98 |
Market Outlook: Technicals, Institutional Activity & Macro Trends
The prevailing macro trends, technical indicators, and institutional interest are key factors shaping the price trajectory of bitcoin. Here is a detailed look at each of these factors.
Technical Indicators Suggest Persistent Selling Pressure
Bitcoin is trading below the 10-day Exponential Moving Average of 88,950 and the Simple Moving Average (SMA) of 89,789. 14-day Relative Strength Index (RSI) reading of 40 suggests a neutral stance, while the MACD histogram is showing bearish crossover. Overall technical analysis indicates the persistent selling pressure. The next support level for Bitcoin is at the 82k to 84k zone. The traders are closely watching whether Bitcoin can hold the current level; a dip below could push the BTC to $80k or lower.
ETF Outflows Indicate the Faltering Investor Confidence
The U.S spot Exchange Traded Funds (ETFs) have recorded a net outflow of $66.41 million yesterday, December 16, according to SoSoValue data. Bitwise Bitcoin ETF (BITB) registered the highest outflow amounting to $50.93 million. The volatile ETF outflows reflect the faltering investor confidence.
Macroeconomic Factors: Investors Eye Upcoming CPI Data and Trump’s Next Fed Chair Pick
The release of U.S job data yesterday gave mixed signals to the market. While employers added 64,000 jobs in November, the unemployment rate shot up to a four-year high of 4.6%. Due to the mixed signalling from the job report, investors were not able to discern the direction of the future monetary policy. The traders are now eyeing the upcoming inflation data scheduled for release on December 18. According to analysts, the November Consumer Price Index (CPI) data is likely to show a rise of 3.1%. The heightened inflation is bad news for the market, as it dampens hopes for more cuts in the future.
Another key development that could considerably affect the markets is President Trump’s pick for the next Fed chair. Currently, Kevin Hassett and Kevin Warsh are the two names at the top of the list. Both reportedly favour fed rate cuts. The inventors view the upcoming decision as a market catalyst in making, especially for riskier asset classes like crypto.
The Bottom Line: What’s Ahead for BTC?
Bitcoin continues to navigate through rough waters with key macroeconomic parameters sending mixed signals. Persistent inflation and recession fears are pushing investors to a risk-off positioning. The potential rate hike from the Bank of Japan (BOJ) is another macro headwind in the making. Whether President Trump’s pick for the next Fed chair can act as a market catalyst is yet to be seen. Amid the choppy waters, investors are advised to follow a cautious approach.
Disclaimer: These crypto price forecasts are based on predictive modeling and should not be considered financial advice.
Crypto & Blockchain Expert