Bitcoin Price Consolidates; All Eyes on Upcoming U.S Inflation Data

• BTC’s price has increased by 66% and ETH’s by 32% since the beginning of the year.
• Despite several attempts, BTC is unable to break above the $28,000 resistance level.

Bitcoin’s growing preeminence over other cryptocurrencies such as Ethereum is highlighted by recent market statistics. Yesterday, there was a significant drop in the value of altcoins, which include all cryptocurrencies other than Bitcoin. As a result of this sell-off, ETH has hit fresh lows against Bitcoin.

Since the beginning of 2023, Bitcoin’s share of the market capitalization has increased significantly, from 38% to more than 51%, and it seems to be nearing a new cycle high. This move may suggest that Bitcoin is becoming more popular among investors.

Bitcoin’s price has increased by 66% and Ethereum’s by 32% since the beginning of the year, defying conventional market trends.

High Volatility Expected

Moreover, the release of US inflation statistics on October 12 is another event that might trigger fresh market turbulence in cryptocurrencies. Market participants anticipate that the release of US inflation statistics will act as a catalyst for price volatility.

At the time of writing, BTC is trading at $27,667, up 0.44% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 28.03%. The price has been consolidating lately in a confined range. Despite several attempts the BTC price is unable to break above the $28,000 resistance level.

If the price manages to break above $28,000 level, then it will likely go all the way till $30,600 area. Conversely, if the bears pull the price below the $27,300 support level, then price will likely test $26,000 level. All eyes are on the upcoming U.S Inflation data on October 12.