As of today’s Bitcoin (bitcoin) positive, the important macroeconomic event of the week is just entering the picture.
CPI at lowest level since March 2021
datas Cointelegraph Markets Expert And Trade View It shows BTC price momentum slowly approaching $31,000.
The most capitalized cryptocurrency showed little volatility earlier in the week. local maximums and minimums are still clearly defined.
#FireCharts shows Bitcoin liquidity approaching the active trading zone as supply support strengthens.
Expect to see thinning liquidity at the heart of the active trading zone between today and Wednesday morning to pave the way for volatility around the #CPI report….
— Material Indicators (@MI_Algos) 11 July 2023
Due to the liquidity crunch in the spot price perimeter, analysts were looking for a reset during the US consumer price index (CPI) print release in June.
Expected around 3.2% – lowest since March 2021 – CPI confirmed as 3% todayIt shows that US inflation continues to slow down.
“The Cleveland Fed, the University of Michigan and Truflation are all expecting a similar figure”underlined the financial analyst Tedtalks macro.
Traders acknowledged that flash volatility can be misleading because Bitcoin tends to decide the trajectory after the data is released..
“There is a good chance that we will see the usual ‘Darth Maul’ candle, with both high and low timeframe bottoms canceled shortly after CPI”illustrates Daan Crypto Exchanges.
“From then on, the actual direction of the day is usually chosen, which in my view could target $31,100 or $30,200.”
“All four previous CPI data followed a very similar pattern in Bitcoin”trade package adds today Dec Trader.
“Two-way volatility to liquidate everyone, then price returns to its position just before the CPI was announced.”
Bitcoin ‘looks ready’ to repeat a bull run
On longer timeframes, popular trader Mustache evaluated the chances of a repeat of the classic bull run.
BTC/USD’s monthly chart featured this week is currently in the process of changing. rise above the simple moving average (SMA) in 20 periods.
“Every time BTC closed a bear above the 20-period moving average, it was definitive confirmation of an impending bull run. In the next two years, it never fell below that line (except for the crash dictated by Covid)”the current situation by interpreting the expert “looks positive”.
This article does not contain investment advice or advice. Every investment and trade involves risk and readers should do their own research before making a decision.
Translation of Walter Rizzo