Bitcoin, Ethereum, XRP Price Predictions Ahead of US Inflation Report

Key Insights

• Bitcoin price retreated as the recent recovery faced resistance.
• Ethereum and XRP also remained under intense pressure today.
• Focus now shifts to the upcoming US inflation report.

The crypto market today faced renewed uncertainty as investors monitored rising oil prices and upcoming U.S. inflation data. Bitcoin (BTC) traded near $83,000 on Oct. 12, while Ethereum (ETH) and XRP faced selling pressure.

Barron’s reported Bitcoin near $83,450 during Monday’s session, reflecting limited movement ahead of the economic releases. Meanwhile, crude oil prices increased as geopolitical tensions raised concerns about global energy supplies.

Investors now await September’s Consumer Price Index (CPI), scheduled for Wednesday, Oct. 14. The report could influence expectations for the Federal Reserve’s upcoming interest rate decision.

The main catalysts for the crypto market will be the upcoming US consumer inflation data. Economists expect the report to show that the headline and core inflation jumped in September as energy prices soared. Inflation will likely continue to rise this month due to higher crude oil prices.

Brent, the global benchmark, rose to $107 on Monday, while the West Texas Intermediate (WTI) moved to $94. These two benchmarks have soared by over 50% from their July lows.

Rising oil prices is bearish for crude oil because of the impact on inflation. Higher inflation may prompt the Federal Reserve to hike interest rates. In most cases, Bitcoin and other risky assets tend to underperform the market whenever the Fed is hiking rates.

The daily chart shows that Bitcoin has encouraging technicals. It has been in an upward trend after bottoming at $57,783 in July and has reached a high of $87,200 this month. The coin formed a golden cross pattern, which happens when the 50-day and 200-day moving averages cross each other.

The coin jumped above the important resistance level of $82,200 on September 21 as the bull run accelerated. However, it peaked at $87,200 and began to decline. It has completed the formation of a break-and-retest pattern, which often leads to a continuation.

Bitcoin has remained steady above the Supertrend indicator, a common bullish sign. Therefore, the most likely scenario is that Bitcoin continues rising as bulls target the key resistance at $87,200. A surge above that level will point to further gains towards $100,000.

ETH price has also come under pressure in the past few weeks, moving from a high of $2,806 in September to the current $2,530. This retreat happened as ETH ETF outflows continued. A closer look shows that the coin dropped and retested the key support level of $2,461, its April high.

After its strong drop on October 8, the coin crawled back to a high of $2,572 and then pulled back to the current $2,530. The coin has already moved below the Supertrend and the 25-day EMA.

Therefore, the token will likely resume its downward trend, potentially to the important support level of $2,300. A move above the resistance level of $2,600 will invalidate the bearish outlook.

The Ripple token has slumped substantially from its September high to its current level of $1.3765. It formed a double-top pattern at $1.6555 and a neckline of $1.2522. This pattern often leads to a bearish reversal.

The token has dropped below the 50-day EMA and is on the lower side of the Bollinger Bands tool. At the same time, the RSI indicator has been in a steady downward trend and has moved below the neutral level.

There, the token will likely continue falling, potentially to the key support level of $1.2522. A move below that level will point to more downside, potentially to $1.

This article is for informational purposes only and does not constitute financial or investment advice.

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