{"id":540480,"date":"2023-01-18T18:12:12","date_gmt":"2023-01-18T15:12:12","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-sees-new-4-month-high-as-us-ppi-retail-data-posts-big-misses\/"},"modified":"2023-01-18T18:12:12","modified_gmt":"2023-01-18T15:12:12","slug":"bitcoin-sees-new-4-month-high-as-us-ppi-retail-data-posts-big-misses","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-sees-new-4-month-high-as-us-ppi-retail-data-posts-big-misses\/","title":{"rendered":"# Bitcoin sees new 4-month high as US PPI, retail data posts &#8216;big misses&#8217;"},"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-6a35fca8eceaa\" 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-6a35fca8eceaa\" 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-sees-new-4-month-high-as-us-ppi-retail-data-posts-big-misses\/#%E2%80%9D_Bitcoin_sees_new_4-month_high_as_US_PPI_retail_data_posts_%E2%80%98big_misses_%E2%80%9C\" >&#8221; Bitcoin sees new 4-month high as US PPI, retail data posts &#8216;big misses&#8217; &#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-sees-new-4-month-high-as-us-ppi-retail-data-posts-big-misses\/#US_PPI_numbers_fall_wide_of_the_mark\" >U.S. PPI numbers fall wide of the mark<\/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-sees-new-4-month-high-as-us-ppi-retail-data-posts-big-misses\/#Analysis_sees_%E2%80%9Cmomentum_fadin%E2%80%9D_on_BTC_chart\" >Analysis sees &#8220;momentum fadin&#8221; on BTC chart<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_sees_new_4-month_high_as_US_PPI_retail_data_posts_%E2%80%98big_misses_%E2%80%9C\"><\/span>&#8221; Bitcoin sees new 4-month high as US PPI, retail data posts &#8216;big misses&#8217; &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>Bitcoin (BTC) set yet another multi-month high before the Jan. 18 Wall Street open as United States macroeconomic data fell far wide of expectations.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/1cbbfdd8-0fa1-4280-be44-b34ebccc1364.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"US_PPI_numbers_fall_wide_of_the_mark\"><\/span>U.S. PPI numbers fall wide of the mark<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 spiking to $21,646 on Bitstamp.<\/p>\n<p>A subsequent correction saw the pair moving around $21,400 at the time of writing, with U.S. stocks reacting to surprise data surrounding economic activity in December.<\/p>\n<p>Specifically, the Producer Price Index (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bls.gov\/schedule\/news_release\/ppi.htm\">PPI<\/a>) showed cost rises cooling faster than consensus predicted, with retail sales also declining beyond estimates.<\/p>\n<p>\u201cPPI comes in at 6.2%, while expectation was 6.8%. Core PPI comes in at 5.5%, while expectation was 5.7%,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1615703593394266112\">wrote<\/a> in part of ongoing <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> updates. <\/p>\n<blockquote><p>\u201cRetail sales at -1.1%, while -0.8% was expected. Core retail sales at -1.1%, while -0.4% was expected. Big misses.\u201d<\/p><\/blockquote>\n<p>Bitcoin showed bullishness around the numbers, these potentially signaling less of a need for further aggressive interest rate hikes from the Federal Reserve going forward.<\/p>\n<p>Earlier, Cointelegraph reported on the Bank of Japan itself not to make already very loose policy more restrictive, in contrast to the Fed and other major central banks.<\/p>\n<p>An already flagging U.S. dollar index (DXY) thus extended a retracement which began with the Japan <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> as PPI hit, falling to 101.52, its lowest since late May last year.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/e71cec99-d451-4592-8164-6495f9ab4de1.png\"><figcaption style=\"text-align: center;\"><em>U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Analysis_sees_%E2%80%9Cmomentum_fadin%E2%80%9D_on_BTC_chart\"><\/span>Analysis sees &#8220;momentum fadin&#8221; on BTC chart<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>BTC\/USD last traded at the day\u2019s high in mid-September.<\/p>\n<p><strong><em>Related:\u00a0BTC price cancels FTX losses \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>As ever, there were plenty of nerves visible among traders despite the strong performance, with analytics resource Material Indicators repeating warnings over uptrend weakness.<\/p>\n<p>\u201cWaking up to the same <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> in the BTC chart,\u201d it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1615695958200696834\">wrote<\/a> on the day, referencing the status quo on the Binance order book. <\/p>\n<blockquote><p>\u201cDeclining volume makes me think momentum is fading, and the fact that some bids were removed is concerning. Watching to see if bid liquidity continues to replenish and move up. If not, the 21-Week Moving Average must hold.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/7fe9d070-0380-4d2b-b96e-b14c1352d5bd.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<p>More optimistic was popular commentator Bloodgood, who disputed others\u2019 bearish predictions of a drop to $12,000 for BTC\/USD in 2023.<\/p>\n<p>Analyzing the longer-timeframe picture, he argued that the two-year lows seen in Q4 constituted a \u201cfailed breakdown.\u201d<\/p>\n<p>\u201cFailed breakdowns usually lead to strong reversals,\u201d he added on an accompanying chart with a key support zone at around $19,000. <\/p>\n<blockquote><p>\u201c$12k is not in play as long as we stay above the blue line. Get another weekly candle to close above and we go higher.\u201d <\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/9daa3366-40b0-44e5-a489-980fce8d3bd6.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Bloodgood\/ Twitter<\/em><\/figcaption><\/figure>\n<p>A snapshot of long and short positions by Filbfilb, co-founder of trading firm Decentrader, was similarly heartening.<\/p>\n<p>&#8220;The liquidity picture looks a lot different now for BTCUSD. More bears sweating than bulls at this point,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1615724015410102272\/photo\/1\">tweeted<\/a>.<\/p>\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 News 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-sees-new-4-month-high-as-us-ppi-retail-data-posts-big-misses\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin sees new 4-month high as US PPI, retail data posts &#8216;big misses&#8217; &#8220; Bitcoin (BTC) set yet another multi-month high before the Jan. 18 Wall Street open as United States macroeconomic data fell far wide of expectations. BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView U.S. PPI numbers fall wide of the mark Data&#8230;<\/p>\n","protected":false},"author":1,"featured_media":540481,"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\/2023-01\/f5c8c95e-2bdf-4e55-8c8d-2e5684a00732.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-540480","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\/540480","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=540480"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/540480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/540481"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=540480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=540480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=540480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}