{"id":482991,"date":"2022-08-10T11:24:01","date_gmt":"2022-08-10T08:24:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-braces-for-us-inflation-data-as-cpi-nerves-halt-btc-price-gains\/"},"modified":"2022-08-10T11:24:01","modified_gmt":"2022-08-10T08:24:01","slug":"bitcoin-braces-for-us-inflation-data-as-cpi-nerves-halt-btc-price-gains","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-braces-for-us-inflation-data-as-cpi-nerves-halt-btc-price-gains\/","title":{"rendered":"# Bitcoin braces for US inflation data as CPI nerves halt BTC price gains"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a40dce9c5f46\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a40dce9c5f46\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-braces-for-us-inflation-data-as-cpi-nerves-halt-btc-price-gains\/#%E2%80%9D_Bitcoin_braces_for_US_inflation_data_as_CPI_nerves_halt_BTC_price_gains_%E2%80%9C\" >&#8221; Bitcoin braces for US inflation data as CPI nerves halt BTC price gains &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-braces-for-us-inflation-data-as-cpi-nerves-halt-btc-price-gains\/#Trader_Market_%E2%80%9Ccould_get_ugly%E2%80%9D_if_CPI_keeps_rising\" >Trader: Market &#8220;could get ugly&#8221; if CPI keeps rising<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-braces-for-us-inflation-data-as-cpi-nerves-halt-btc-price-gains\/#BTC_price_still_far_from_bullish_pivot_zone\" >BTC price still far from bullish pivot zone<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_braces_for_US_inflation_data_as_CPI_nerves_halt_BTC_price_gains_%E2%80%9C\"><\/span>&#8221; Bitcoin braces for US inflation data as CPI nerves halt BTC price gains &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>Bitcoin (BTC) hit multi-day lows into Aug. 10 as crypto traders braced for impact with fresh United States inflation data.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/00d4f365-b395-4d4f-90eb-77be739bbe14.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Trader_Market_%E2%80%9Ccould_get_ugly%E2%80%9D_if_CPI_keeps_rising\"><\/span>Trader: Market &#8220;could get ugly&#8221; if CPI keeps rising<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a> showed BTC\/USD dipping to $22,668 on Bitstamp at the most recent daily close \u2014 its lowest since Aug. 5.<\/p>\n<p>Bullish momentum had evaporated during the day prior, and the mood among traders was firmly risk-off as markets awaited the latest Consumer Price Index (CPI) readout.<\/p>\n<p>Covering July, the data was due at 8.30am Eastern time Aug. 10, with expectations demanding it show that U.S. inflation had already peaked.<\/p>\n<p>\u201cCPI prints have been pretty pitoval for BTC price action,\u201d Blockware lead insights analyst William Clemente <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1557147350237339650\">wrote<\/a> in part of a tweet about the event, adding that CPI would form a \u201cbig day\u201d for crypto.<\/p>\n<p>An accompanying chart showed the impact of previous CPI readouts on BTC\/USD.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/7c88715f-f877-4a2f-88ce-cf24918bd1cc.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart showing CPI events. Source: William Clemente\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Trader and analyst Daan Crypto Trades meanwhile gave a CPI reading of 9.1 or above as \u201cbearish\u201d for price action against current expectations of 8.7.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">CPI Guide for today in my opinion:<\/p>\n<p>CPI YoY:<br \/>&lt;8.7 Bullish<br \/>8.7-9.1 Neutral probably slightly bearish<br \/>9.1&gt; Bearish<\/p>\n<p>Core CPI YoY<br \/>&lt;5.9 Bullish<br \/>5.9-6.1 Neutral<br \/>6.1&gt; Bearish<\/p>\n<p>More thoughts below <\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DaanCrypto\/status\/1557271897045352449?ref_src=twsrc%5Etfw\">August 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cThe market has been pumping on the idea of inflation having likely peaked the past month,\u201d he wrote in a dedicated thread. <\/p>\n<blockquote><p>\u201cIf it doesn\u2019t get that confirmation today I think it could get ugly short term as the peak will likely be moved forward another 1-2 months. Which likely means a delayed Fed pivot as well.\u201d<\/p><\/blockquote>\n<p>Macro analyst Alex Krueger was more dismissive, meanwhile, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/krugermacro\/status\/1557143061896908801\">calling<\/a> CPI a \u201clittle number\u201d while acknowledging its impact on risk asset trends.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"BTC_price_still_far_from_bullish_pivot_zone\"><\/span>BTC price still far from bullish pivot zone<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>BTC price action thus stayed wedged in a familiar range with classic support and resistance levels still in play. <\/p>\n<p><strong><em>Related:\u00a0Bitcoin dominance hits 6-month lows as metric proclaims new &#8216;alt season&#8217;<\/em><\/strong><\/p>\n<p>BTC\/USD circled $23,000 at the time of writing after dropping more than $1,000 the day prior.<\/p>\n<p>Daan Crypto Trades flagged $24,300 as a crucial level to break and hold for Bitcoin to \u201cfly,\u201d with $21,000 a potential target in the event of a breakdown.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Testing a critical support level here with the 4H 200EMA coming in below it at $22.7K.<\/p>\n<p>If we&#8217;d get a full on breakdown then the logical target would be low $21Ks.<\/p>\n<p>Break and hold above $24.3K and we&#8217;ll fly.<\/p>\n<p>Those are my levels to watch for the time being. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/UrDmxuebGf\">pic.twitter.com\/UrDmxuebGf<\/a><\/p>\n<p>\u2014 Daan Crypto Trades (@DaanCrypto) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DaanCrypto\/status\/1557010048819384320?ref_src=twsrc%5Etfw\">August 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On-chain monitoring resource Whalemap meanwhile continued its analysis of whale buy and sell levels. <\/p>\n<p>\u201c$BTC is back to the whale accumulation area,\u201d the Whalemap team <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1557084534780346374\">summarized<\/a> on Aug. 9. <\/p>\n<blockquote><p>\u201cPrices where whales accumulate usually act as support or resistance for price action of Bitcoin. Question is, will we get a bounce again or go deeper.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/a871388b-d913-44a6-8694-b5ecca08e61f.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin whale wallet inflows annotated chart. Source: Whalemap\/ Twitter<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-braces-for-us-inflation-data-as-cpi-nerves-halt-btc-price-gains\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin braces for US inflation data as CPI nerves halt BTC price gains &#8220; Bitcoin (BTC) hit multi-day lows into Aug. 10 as crypto traders braced for impact with fresh United States inflation data.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader: Market &#8220;could get ugly&#8221; if CPI keeps rising Data from Cointelegraph Markets&#8230;<\/p>\n","protected":false},"author":1,"featured_media":482992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvMjE0NjA1YTUtNDE5OS00YzA4LWFjMDktMWVlMGZiMWY4NzQwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-482991","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/482991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=482991"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/482991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/482992"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=482991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=482991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=482991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}