Bitcoin saw sudden volatility on September 13 as macroeconomic data from the United States showed inflation beating expectations.
BTC price is holding at $26,000 as Bitcoin traders prepare for the Wall Street open following the latest Consumer Price Index (CPI) report.
Fuels push the August consumer price index above target
Data from Cointelegraph Markets Pro and TradingView tracked the price action of BTC, which was threatened with a new one $26,000 limit loss.
The Consumer Price Index (CPI) for August came in at 3.7% year-on-year, which is 0.1% more than expected.
“The gasoline index contributed the most to the month-on-month increase of all items, accounting for more than half of it,” it is stated in the official press release section of the US Bureau of Labor Statistics.
The continued growth of the so-called “shelter index”, which has increased for the 40th month in a row, also contributed to the month-on-month increase in August.
source: cointelegraph.com
Earlier in the day, crypto market participants warned that interesting the CPI figure will push the market. This in turn could have implications for how restrictive economic policy remains in the future.
CPI in 1 hour.
Tip: Don’t open positions into news announcements and wait 30 mins after data is out to start trading.
Previous: 3.2%
East: 3.6%– 3.5% or lower: $BTC will likely hit the liquidity zone at $26800.
– 3.7% or higher: Asian pump likely to get retraced.— CrypNuevo 🔨 (@CrypNuevo) September 13, 2023
Source: twitter.com
“I think we’ll see +4% in the next CPI with gas prices rising so fast,” said popular trader CrypNuevo on X (formerly Twitter) in the reaction section.
Inflation is still a problem, and a big problem in this second half of the year.
Source: cointelegraph.com
It is believed that the consumer price index has already surpassed the July year-on-year figure. For idea reached 3.6% in August compared to 3.2% previously.
Bitcoin bid liquidity is held at $25,000 and below
Ahead of the release, Keith Alan, co-founder of on-chain monitoring resource Material Indicators, was optimistic. Mainly regarding the fact that the weekly dynamics of the BTC price will be maintained.
“BTC’s momentum has faded a bit since yesterday, but so far it’s still strong enough to hold most of what was recovered after the bounce,” part of X’s post read.
Alan reiterated that it remains above the current spot price range “lots of technical resistance”in the form of several daily moving averages.
Whereas the the opening of Wall Street is yet to come, volatility was at play. Meanwhile, the BTC/USD indicator lacked a clear trend at the time of writing.
The accompanying image shows the BTC/USDT order books on the world’s largest exchange, Binance. The latter showed only modest liquidity surrounding the spot price, with multiple bids at the $25,000 level.
2023-09-16 15:00:00
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