Bitcoin Rate: BTCUSD stood at $81,630.90 on the four-hour chart at 12:28 PM New York time, retreating from the recent $84,261.95 high.
Bitcoin Elliott Wave Forecast
The chart of BTC suggests wave 1 ended at $87,387.25, followed by a developing W–X–Y correction. Within wave (c) of W, wave iv peaked at $84,261.95, while wave v appears underway.
- Wave Structure: Bearish impulse within a larger correction.
- Trendline: Descending, with temporary support near $81,000.
- Support: $81,000, $80,000, then $78,500.
- Resistance: $82,000 and $84,261.95.
A brief rebound could precede further selling toward $78,500, completing wave (c) and potentially wave W. Recovery above $84,261.95 would challenge the immediate bearish count.
BTC News: US inflation reached 3.7% in September, increasing interest-rate concerns. Bitcoin’s rebound above $84,000 also drew caution over weak sustained demand. US producer inflation data follows October 15.