{"id":500577,"date":"2022-10-13T18:41:55","date_gmt":"2022-10-13T15:41:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-price-hits-3-week-lows-on-us-cpi-as-bitcoin-liquidates-57m\/"},"modified":"2022-10-13T18:41:55","modified_gmt":"2022-10-13T15:41:55","slug":"btc-price-hits-3-week-lows-on-us-cpi-as-bitcoin-liquidates-57m","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-price-hits-3-week-lows-on-us-cpi-as-bitcoin-liquidates-57m\/","title":{"rendered":"# BTC price hits 3-week lows on US CPI as Bitcoin liquidates $57M"},"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-6a3f9cc62e0e6\" 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-6a3f9cc62e0e6\" 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\/btc-price-hits-3-week-lows-on-us-cpi-as-bitcoin-liquidates-57m\/#%E2%80%9D_BTC_price_hits_3-week_lows_on_US_CPI_as_Bitcoin_liquidates_57M_%E2%80%9C\" >&#8221; BTC price hits 3-week lows on US CPI as Bitcoin liquidates $57M &#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\/btc-price-hits-3-week-lows-on-us-cpi-as-bitcoin-liquidates-57m\/#Trader_sticks_by_21000_target\" >Trader sticks by $21,000 target<\/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\/btc-price-hits-3-week-lows-on-us-cpi-as-bitcoin-liquidates-57m\/#Dollar_dives_after_initial_gains\" >Dollar dives after initial gains<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BTC_price_hits_3-week_lows_on_US_CPI_as_Bitcoin_liquidates_57M_%E2%80%9C\"><\/span>&#8221; BTC price hits 3-week lows on US CPI as Bitcoin liquidates $57M &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-4b69a2fe>Bitcoin (BTC) delivered classic volatility on Oct. 13 as United States economic data shook markets.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/93db6fa6-b555-4074-a0e5-4676d85ebc67.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_sticks_by_21000_target\"><\/span>Trader sticks by $21,000 target<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> followed BTC\/USD as it presented some textbook moves to accompany the U.S. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/fred.stlouisfed.org\/series\/CPILFESL#\">Consumer Price Index (CPI)<\/a> print for September.<\/p>\n<p>Coming in at 0.1% above expectations year-on-year, the September figures im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely made themselves felt, with risk assets selling off and the dollar advancing in the face of ongoing inflation pressures.<\/p>\n<p>In line with previous CPI events, Bitcoin saw a fakeout to the upside, which vanished in minutes, leading to protracted downside which only bottomed at $18,183 on Bitstamp.<\/p>\n<p>A rebound took the largest cryptocurrency to $18,800, having seen its lowest since Sep. 22.<\/p>\n<p>Traders both long and short felt the burn, with combined 24-hour liquidations totaling $57 million according to data from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/LiquidationData\">Coinglass<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/535aaa2b-684f-4d5b-b1e5-cdebd00cde1a.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin liquidations chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p>\u201cTHE BOTTOM isn\u2019t in,\u201d analytics resource Material Indicators summarized alongside order book data from Binance.<\/p>\n<p>The accompanying chart showed support at $18,000 massing on BTC\/USD, providing at least a temporary support level.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/12187771-3969-4186-a1e5-c75ffce24f07.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book chart (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Despite being down 4% on the day, Bitcoin was nonetheless in line for a bear market bounce, popular trader Il Capo of Crypto insisted.<\/p>\n<p>Continuing an existing theory, a Twitter post on the day called for a rally to $21,000 before the real macro bottom emerged, this tipped to be between $14,000 and $16,000.<\/p>\n<p>\u201cI didn&#8217;t expect this move to go this low. In fact I expected the bounce to come earlier,\u201d Il Capo of Crypto <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1580514631940206592\/photo\/1\">wrote<\/a> about the post-CPI dip.<\/p>\n<blockquote><p>\u201cWith this being said, SPX is pumping and DXY dumping. $BTC still at support. This could be a massive bear trap. Bounce to 21k is still in play.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/81def63b-1580-4aeb-b254-e7787e553669.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Il Capo of Crypto\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Dollar_dives_after_initial_gains\"><\/span>Dollar dives after initial gains<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The CPI event did not <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to dent stock market confidence, meanwhile, with U.S. indexes rising on the Wall Street open.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin eyes &#8216;textbook&#8217; bottom as $16K whale cost basis comes into play<\/em><\/strong><\/p>\n<p>At the time of writing, the S&amp;P 500 and Nasdaq Composite Index were up 0.3% and 0.6%, respectively.<\/p>\n<p>The U.S. dollar index (DXY), having gained earlier on the day, saw a dramatic retracement to target 112.5 points, helping alleviate pressure on highly-correlated crypto markets.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-10\/27bced8d-082e-4381-b079-1c5b505d8768.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/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<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\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\/btc-price-hits-3-week-lows-on-us-cpi-as-bitcoin-liquidates-57m\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BTC price hits 3-week lows on US CPI as Bitcoin liquidates $57M &#8220; Bitcoin (BTC) delivered classic volatility on Oct. 13 as United States economic data shook markets. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Trader sticks by $21,000 target Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it presented some textbook&#8230;<\/p>\n","protected":false},"author":1,"featured_media":500578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMDU2ODRiMzEtMDNiYy00YTE1LWE5Y2ItYWFmMDQ5MjNjMWM3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76153,70551,73785],"class_list":["post-500577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-dollar","tag-inflation","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/500577","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=500577"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/500577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/500578"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=500577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=500577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=500577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}