Bitcoin Holds Steady as Crypto Market Awaits Inflation Data
Bitcoin (BTC) remains bullish, trading at $85,837 on Tuesday, despite sellers trying to regain control. Structural support levels hold strong, supported by uptrending moving averages and consolidating momentum. Altcoins like Ethereum (ETH) and Ripple (XRP) are reflecting Bitcoin’s ranging action, with ETH trading above $2,700 and XRP hovering around $1.50.
Market sentiment remains positive, with the Fear & Greed Index holding at 73 in the Greed territory. Bitcoin spot Exchange-Traded Funds (ETFs) saw $2.6 billion in September inflows and $3.5 billion in August. However, US-listed spot ETFs experienced $90 million in outflows on Monday. Ethereum spot ETFs have seen outflows for five straight days, totaling $51 million on Monday. XRP spot ETFs also saw outflows, with cumulative inflows at $1.79 billion.
Focus is shifting to inflation data and rate hike odds, with the Bureau of Labor Statistics set to release the Consumer Price Index (CPI). The probability of a rate hike in October has fallen to about 22%, suggesting markets are pricing in a pause. The technical analysis shows Bitcoin holding above key moving averages, with initial support at $79,558. Ethereum and XRP also maintain bullish near-term biases but show signs of moderating momentum.