BTC Pushing Higher

Bitcoin prices are pushing higher again today with the futures market fighting to get back above the $84,385 following the correction lower from the October highs. The push higher comes despite a further exodus of capital from BTC ETFs. The latest data shows heavy outflows yesterday of around $65 million which takes the overall positioning level back into net-outflows for the year having only recently swung back into positive territory. Recent volatility in positioning data reflects the difficulty the market is having here amidst ongoing Fed uncertainty. Fed tightening expectations for October have plunged in recent weeks following poor US data and pricing for a December hike has also softened. However, with USD remaining well bid nonetheless, BTC has struggled to regain upside momentum.

US Inflation On Watch

Looking ahead, however, there is room for BTC to regain upside focus particularly if we see a further cooling in traders’ Fed tightening expectations. With that in mind tomorrow’s US CPI data will be key. If we see any undershooting of forecasts, this could lead to a further softening in market pricing for a December hike, which could see some give back in USD, creating room for BTC and broader risk assets to push higher.

Technical Views

BTC

The market is fighting to get back above the $83,385 level which has been a key pivot for price this year. If bulls can recover this marker, upside focus will resume with $94,730 the next bull target to note. To the downside, $74,270 is the key support to watch.