In the early trading session of the Asian session, major cryptocurrencies were trading negatively as global cryptocurrencies market value fell 0.05% to $918.19 billion the day before. In the past 24 hours, overall crypto market transaction volume fell 9.88% to $44.13 billion. The total transaction volume of
DeFi was US$2.4 billion, accounting for 5.44% of the total transaction volume in the crypto market in 24 hours. The total trading volume of all stablecoins was US$41.54 billion, accounting for 94.13% of the crypto market's total 24-hour trading volume.
The leading cryptocurrency Bitcoin has risen by 0.21% after falling more than 6% in the past 7 days. On the other hand, Ethereum is still trading below $1,300 (psychological level), and has fallen by nearly 6.19% this week.
Top altcoins winners and losers
Huobi (HT), Terra (LUNA) and OKB (OKB) continue to be the best performers in Asia during the period. Huobi's price rose more than 12% to $7.31, while Terra's price rose 5.06% to $2.68. By comparison, OKB rose 1.65% to $16.68.
erraClassicUSD Price has been bearish, down 22.36% to $0.0455 in the past 24 hours. The trading sentiment in the cryptocurrency market is slightly negative, and digital assets are rising hard.
Therefore, we have good opportunities to build positions, especially considering the oversold level of the market.
cryptocurrency news highlights
Here are some prominent events in the crypto news section:
USD rise
USD index (DXY) rose to 113.20 after breaking through the slight decline of the previous day. The dollar's index against six other major currencies remained flat on Thursday ahead of the release of key September U.S. consumer price index (CPI) data, failing to justify the recent hawkish bets by the Federal Reserve and the optimistic remarks of the Federal Reserve's governors.
The value of the dollar fell after the minutes of the recent Fed meeting showed some dovish tone. The minutes noted that there was a talk of the need to slow down further tightening to mitigate the threat to the U.S. economy.
However, the Fed maintains its plan to raise interest rates to slow inflation.
US PPI data
After news that US producer prices rose more than expected in September, the US dollar rose against most cryptocurrencies.
final demand rose 0.4%, higher than economists’ forecast of 0.2%. After an increase of 8.7% in August, PPI rose 8.5% year-on-year.
U.S. CPI data is ahead of schedule
U.S. inflation slowed for the second consecutive month in August 2022, falling from 8.5% in July to 8.3%, but still higher than market expectations of 8.1%. The U.S. consumer price index in August was 296.17, slightly lower than last month’s 296.28 and higher than market expectations of 295.53.
U.S. Bureau of Labor Statistics (BLS) will release its latest Consumer Price Index (CPI) report for September on Thursday, October 13 at 8:30 ET. As for the core (excluding food and energy) CPI data, the general forecast is 0.4% m/m, 6.5% y/y, while the overall CPI is expected to be 0.2% m/m, 8.1% year/year.
What impact will the strengthening US economic data have on the cryptocurrency market?
As US CPI data rises, the cryptocurrency market may turn bearish. This is mainly because the Fed closely monitors economic statistics such as inflation , labor, GDP and other events to determine its upcoming policies.
Improved economic data will convince Jerome Powell and other members of CC hike rate . As a result, investors may shift their investments from venture capital such as cryptocurrencies, forex and stocks to safe haven investments such as gold and government bonds.
Bitcoin price forecast and technical outlook
Current Bitcoin price is US$19,094.36 and 24-hour trading volume is US$25 million. Bitcoin has risen 0.23% in the past 24 hours.
CoinMarketCap is now ranked first with a real-time market capitalization of US$366 billion. Its total is 21,000,000 bitcoins and its circulation is 19,177,593 bitcoins.
On October 13, Bitcoin price forecast remained bearish, although it received direct support around $18,857.Closed crosses and top candlesticks above that level may drive Bitcoin’s uptrend. As shown in the 4-hour chart above, the Relative Strength Index (RSI) has entered the oversold zone, indicating that the seller is exhausted and the buyer is in sight.
They are just waiting for a glimmer of hope, such as the weakening of the US CPI before taking advantage of this opportunity.
On the plus side, Bitcoin’s direct resistance is still at $19,295 and $19,550, which has been extended by the 50-day moving average. A bullish crossover above the 50-day moving average could push Bitcoin’s price to $20,470.
Ethereum price forecast and technology outlook
Ethereum is currently priced at US$1287.17 and 24-hour trading volume is US$8.5 billion. Ethereum has risen by 0.28% in the past 24 hours. CoinMarketCap currently has a real-time market capitalization of $158 billion, ranking second. It has circulating supply of 122,771,325 ETH tokens and does not have the maximum supply.
Ethereum price forecast remains bearish as ETH breaks through the symmetrical triangle pattern of $1,303, and the candle closing below that level may push the price down. Ethereum may return to retest the key level of $1,300; the failure to break through this level confirms the continued slump.
The downside is that the direct support of ETH is still at $1,260, and a break below this level may lead to ETH selling around $1,220. The surge in selling pressure could push ETH below $800, but that is unlikely, as the $1005 level will provide important support along the way.
