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Source: Newsmaker.id
The crypto market strengthened during Monday's trading (Oct 12), extending its recovery after facing pressure earlier in October. Bitcoin (BTC) hovered around US$83,600, gaining nearly 1%, while Ethereum (ETH) rose approximately 1.8% to US$2,540. Gains were also seen across various altcoins, with BNB trading around US$751, XRP at US$1.41, Solana at US$111.8, Cardano at US$0.25, and Dogecoin at US$0.087.
The rally in crypto assets coincided with a drop in oil prices, offering some relief regarding global inflation concerns. Oil prices weakened after President Donald Trump claimed that Russia and Ukraine had agreed to an "energy ceasefire" to halt attacks on energy facilities. Although the claim has not been fully confirmed and attacks are still being reported, the market sees the potential for increased energy supplies to help alleviate inflationary pressure.
However, Bitcoin's recovery still faces challenges regarding institutional fund flows. US spot Bitcoin ETFs recorded outflows of approximately US$681 million for the week ending October 9, marking the largest weekly outflow since June. This indicates that institutional investors are still taking profits following strong performance in the previous quarter. Consequently, Bitcoin's current rise is best viewed as a rebound rather than confirmation of a new bullish trend.
On the macroeconomic front, market attention is shifting to the US CPI data due for release on Wednesday (Oct 14). Consensus estimates place September's headline inflation at around 3.7% year-on-year, while core CPI is projected at approximately 2.5%. Higher-than-expected data could raise expectations for Federal Reserve tightening, pushing up yields and the US dollar while putting pressure on risk assets like cryptocurrency. Conversely, lower inflation could pave the way for a drop in yields and serve as a positive catalyst for Bitcoin and altcoins.
Newsmaker observes that the crypto market is currently in a recovery phase with improving sentiment, though it has not yet fully shaken off macroeconomic pressures. Bitcoin needs to hold the $82,000 level as a key support, while a move toward the $85,000–$87,000 range will mark the next test. If the US CPI comes in lower than expected and yield pressures ease, this momentum could spread to Ethereum and altcoins. However, a "hot" CPI reading could potentially strengthen the dollar again and put downward pressure on the entire crypto market.
Source: Newsmaker.id