Bitcoin Rate: BTCUSD traded at $82,440.84 on the four-hour chart at 11:44 AM New York time, rebounding after reaching $79,690.25.
Bitcoin Elliott Wave Analysis
Yesterday’s bearish forecast materialized as Bitcoin broke below $81,000, completing a five-wave decline from the $84,261.95 wave B high.
The updated count suggests wave (c), and potentially the larger wave W, ended at $79,690.25. A corrective wave X rebound may now develop before another decline in wave Y.
- Wave Structure: W–X–Y correction; wave X potentially underway.
- Support: $81,000 and $79,690.25.
- Resistance: $83,000 and $84,261.95.
A pullback toward $81,500 could precede a recovery toward $84,000. Subsequently, wave Y may target the $79,000 region. A break below $79,690.25 before a meaningful rebound would weaken the proposed wave X scenario.
Bitcoin News: US producer prices surged 1.3% in September, exceeding the 0.6% forecast, while retail sales rose 0.8%. Persistent inflation strengthened concerns about higher interest rates, weighing on cryptocurrency sentiment.