BTC struggles to break out

Bitcoin Price Today October 12 Latest Updates: Bitcoin continues to exhibit sluggish price movement as market uncertainty dampens any enthusiasm. Bitcoin rose 0.42% in the last 24 hours and 0.1% in the last hour. Despite the increase, Bitcoin is down over 5% in the last 7 days. It is still stuck in the $19K-$20K range and currently trades for $19,100.

The altcoin market is also following in BTC’s footsteps. Despite a small rally, Ethereum fails to break the $1,300 mark. It has risen close to 1.41% in the last 24 hours and is trading at $1292. While BTC and ETH were in the green, Cardano and Solana continue to remain in the red. Cardano fell by 0.92% in the last 24 hours and is trading at $0.3933. Meanwhile, Solana fell 0.49% to trade at $31.28.

Meme coins were the biggest winner of yesterday’s price movements. Dogecoin rose close to 2.5% in the last 24 hours and is priced at $0.06045. Meanwhile, Shiba Inu rose close to 0.83% and is trading at $0.0000103.

On the other hand, Uniswap was one of the biggest losers in the crypto market yesterday. It rallied over 3% in the last day and is trading at $6.12.

What is driving the Bitcoin price today?

Market uncertainty continues to be the biggest obstacle for Bitcoin. The central banks’ hawkish stance still dictates price movements. There are no indications that the Federal Reserve will budge from its stance on quantitative easing. Instead, Cleveland Fed President Loretta Mester said yesterday that the biggest political risk will be the Fed swinging too quickly.

Despite the slow movement, BTC continues to gain support from notable people. Paul Tudor Jones, the billionaire trader, stated that Bitcoin will have a much higher value in some time. Will Clemente, co-founder of Reflexivity Research and major influencer, stated that Bitcoin is a debasement hedge and will grow in value as market volatility increases.

Important events to watch

The US Bureau of Labor Statistics will release the consumer price index for September tomorrow. It will be the most important event to decide Bitcoin’s immediate future.

Nidhish is a technology enthusiast, who aims to find elegant technical solutions to solve some of society’s biggest problems. He is a strong believer in decentralization and wants to work on the mainstream adoption of Blockchain. He is also big on almost every popular sport and loves to talk about a wide range of topics.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.