This is certainly not the October we had hoped for in terms of how Bitcoin and Ethereum prices will look like. The crypto market is continuing sideways. The macro economy continues to affect the market. Just like the data that come last week, the consumer price index came down to 8.2%. Even though the consumer price index did not fall that much, we did see inflation fall consistently. The inflation is still high, which means the federal reserve continues the rate hike and this is not good for the crypto market.
The raising interest rate is one of the major factors affecting the market so we must be cautious. With the current rate of inflation, I do not think the fed will stop any moment from now. It is what the federal reserve does that matter, and all the central banks do not matter at this moment. Some energy-related issues are going on. There is a huge strike at the French oil refinery last week. There are a lot of terrible things going on, it is a lot for the crypto market to absolve. If it was just the energy supply problem, we could find a way out but we have inflation, interest rate hikes, and many other terrible things happening.
The bollinger band indicator a been tightening up a lot on Bitcoin, this is because the market has been moving side way for months. Root on Twitter said they are getting above the short-term holder cost basis and they also said they are staying above because it is the main signal for price recovery and that is 21,700 dollars. The $21,700 line with the hundred days exponential moving average which Bitcoin hasn't touched for a very a time. The 50-day exponential moving average is our defining line for our Bitcoin in the bear market and it is also our defining line in the bull market.
There is still a lot of fear in the market and the market is boring right now because there are not so many volatilities in the market. Though there is great news coming out every day, they keep buying Bitcoin but there is a lot of uncertainty in the market right now. There is very real potential for Bitcoin to fall even further. We should not be surprised if the market falls to about $15,000 to $16,000 if we see further corrections for the price of Bitcoins.
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