{"id":530726,"date":"2022-12-23T18:35:37","date_gmt":"2022-12-23T15:35:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-price-ignores-us-pce-data-at-16-8k-as-bitcoin-rejects-volatility\/"},"modified":"2022-12-23T18:35:37","modified_gmt":"2022-12-23T15:35:37","slug":"btc-price-ignores-us-pce-data-at-16-8k-as-bitcoin-rejects-volatility","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-price-ignores-us-pce-data-at-16-8k-as-bitcoin-rejects-volatility\/","title":{"rendered":"# BTC price ignores US PCE data at $16.8K as Bitcoin rejects volatility"},"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-6a4071ef2eb1a\" 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-6a4071ef2eb1a\" 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-ignores-us-pce-data-at-16-8k-as-bitcoin-rejects-volatility\/#%E2%80%9D_BTC_price_ignores_US_PCE_data_at_168K_as_Bitcoin_rejects_volatility_%E2%80%9C\" >&#8221; BTC price ignores US PCE data at $16.8K as Bitcoin rejects volatility &#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-ignores-us-pce-data-at-16-8k-as-bitcoin-rejects-volatility\/#Bitcoin_sees_%E2%80%9Ccrumb%E2%80%9D_of_volatility_on_PCE\" >Bitcoin sees &#8220;crumb&#8221; of volatility on PCE<\/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-ignores-us-pce-data-at-16-8k-as-bitcoin-rejects-volatility\/#Data_shows_miner_reluctance_to_sell_on_exchanges\" >Data shows miner reluctance to sell on exchanges<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BTC_price_ignores_US_PCE_data_at_168K_as_Bitcoin_rejects_volatility_%E2%80%9C\"><\/span>&#8221; BTC price ignores US PCE data at $16.8K as Bitcoin rejects volatility &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-71d2d00b>Bitcoin (BTC) saw a flicker of volatility around the Dec. 23 Wall Street open as the latest United States inflation data came in line with expectations.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/818039b5-ae4f-4e30-aedc-d6e88cfebed7.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=\"Bitcoin_sees_%E2%80%9Ccrumb%E2%80%9D_of_volatility_on_PCE\"><\/span>Bitcoin sees &#8220;crumb&#8221; of volatility on PCE<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 briefly decoupling from solid sideways action to dip to $16,750 on Bitstamp.<\/p>\n<p>The impact of the November U.S. Personal Consumption Expenditures (PCE) Price Index print was notably muted, this despite the data forming a key component of Federal Reserve policy.<\/p>\n<p>Even in the low-volume, low-volatility environment Bitcoin continues to trade in, PCE barely moved markets as traders began to accept that Christmas 2022 may be an underwhelming one.<\/p>\n<p>\u201cHope you enjoyed that little crumb of vol, it&#8217;s probably the last,\u201d popular <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> account Byzantine <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ByzGeneral\/status\/1606287379828035584\">responded<\/a>.<\/p>\n<p>Core PCE was 4.7% for November, showing inflation retreating but still falling short of a bullish surprise for risk assets.<\/p>\n<p>\u201cA strong reaction from there, a quick flip of $16.750 as well,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1606209243891109888\">wrote<\/a> in part of Twitter analysis on the day.<\/p>\n<blockquote><p>\u201cIf that holds, I&#8217;m assuming we break $16.9-17K and target $17.45K on Bitcoin. Otherwise, looking at longs lower at $16.45K.\u201d<\/p><\/blockquote>\n<p>Fellow trader and analyst Il Capo of Crypto remained bearish, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoCapo_\/status\/1606292306373533696\">arguing<\/a> that \u201cthe inability to break 17k says it all.\u201d<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1606282156568825858\">Data<\/a> from on-chain analytics resource Material Indicators meanwhile showed significant bid interest parked at $16,500 on the Binance order book.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/6192d2fc-aaba-429e-a3cd-c4df5e0f3a3f.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book chart (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Data_shows_miner_reluctance_to_sell_on_exchanges\"><\/span>Data shows miner reluctance to sell on exchanges<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Updating the picture regarding Bitcoin miners, on-chain analytics platform CryptoQuant meanwhile noted that transaction volumes had fallen in line with the broader trend.<\/p>\n<p><strong><em>Related:\u00a0&#8216;Wave lower&#8217; for all markets? 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>In a recent <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/63a3cf8770bbe0191de9f716-Sharp-Fall-In-Miners-Transactions\">Quicktake<\/a> blog post, contributor\u00a0Woominkyu reiterated that macro bottoms in miner activity historically &#8220;roughly&#8221; coincided with BTC price bottoms.<\/p>\n<p>&#8220;By seeing transactions from affiliated miners to all exchanges, it is clearly showing that selling pressures from miners\u2019d been weakened since the late of 2021 until the present. Interestingly, it is noticeable that its transactions were very high while the price of BTC was considerably high as well,&#8221; he wrote<\/p>\n<blockquote><p>&#8220;However, It does not indicate that miners are not able to sell more BTC at this moment but it is important to see that when its transactions go as low as the last bear cycles (Roughly), it is possible that BTC is forming a bottom too.&#8221;<\/p><\/blockquote>\n<p>An accompanying chart showed transactions from miner wallets to exchanges, this taking a considerable hit since mid-2021.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/45abda06-fa15-4346-81ac-2d3734ba25f0.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin miner to exchange transactions chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\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-ignores-us-pce-data-at-16-8k-as-bitcoin-rejects-volatility\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BTC price ignores US PCE data at $16.8K as Bitcoin rejects volatility &#8220; Bitcoin (BTC) saw a flicker of volatility around the Dec. 23 Wall Street open as the latest United States inflation data came in line with expectations. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin sees &#8220;crumb&#8221; of volatility on PCE Data&#8230;<\/p>\n","protected":false},"author":1,"featured_media":530727,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/f5b2e0e1-f3aa-4165-8f97-419648469e06.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-530726","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\/530726","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=530726"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/530726\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/530727"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=530726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=530726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=530726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}