{"id":547264,"date":"2023-02-03T12:05:59","date_gmt":"2023-02-03T09:05:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-did-bitcoin-price-go-down-today-btc-traders-brace-for-23k-retest\/"},"modified":"2023-02-03T12:05:59","modified_gmt":"2023-02-03T09:05:59","slug":"why-did-bitcoin-price-go-down-today-btc-traders-brace-for-23k-retest","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-did-bitcoin-price-go-down-today-btc-traders-brace-for-23k-retest\/","title":{"rendered":"# Why did Bitcoin price go down today? BTC traders brace for $23K retest"},"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-6a37322b81ec4\" 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-6a37322b81ec4\" 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\/why-did-bitcoin-price-go-down-today-btc-traders-brace-for-23k-retest\/#%E2%80%9D_Why_did_Bitcoin_price_go_down_today_BTC_traders_brace_for_23K_retest_%E2%80%9C\" >&#8221; Why did Bitcoin price go down today? BTC traders brace for $23K retest &#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\/why-did-bitcoin-price-go-down-today-btc-traders-brace-for-23k-retest\/#Dollar_rebound_halts_crypto_party\" >Dollar rebound halts crypto party<\/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\/why-did-bitcoin-price-go-down-today-btc-traders-brace-for-23k-retest\/#CPI_presents_fresh_worry\" >CPI presents fresh worry<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Why_did_Bitcoin_price_go_down_today_BTC_traders_brace_for_23K_retest_%E2%80%9C\"><\/span>&#8221; Why did Bitcoin price go down today? BTC traders brace for $23K retest &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-5a4050f8>Bitcoin (BTC) headed toward $23,000 on Feb. 3 after a night of losses erased bulls\u2019 latest progress.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/7e544467-29f6-4160-b2ac-721ab02b81a7.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=\"Dollar_rebound_halts_crypto_party\"><\/span>Dollar rebound halts crypto party<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 hitting lows of $23,329 on Bitstamp.<\/p>\n<p>The pair had come off a second <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> above the $24,000 mark at the Feb. 2 Wall Street open, with buyers failing to sustain momentum amid macro market volatility.<\/p>\n<p>In classic style for interest rate announcements by the United States Federal Reserve, an initial move was soon countered, with Bitcoin returning to its prior position.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/76362458-7320-42cc-a3ea-661629238ddf.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Conditions worsened thanks to a rebound in U.S. dollar strength, with the U.S. dollar index (DXY) putting in a conspicuous bounce, which it began to consolidate on the day. <\/p>\n<p>\u201cOnce the DXY Dollar finds support and begins to bounce hard, then we will see pullbacks on our Crypto bags,\u201d popular trader Crypto Tony <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoTony__\/status\/1621259222385131520\">warned<\/a>. <\/p>\n<blockquote><p>\u201cTime to pay attention.\u201d<\/p><\/blockquote>\n<p>Cointelegraph contributor Micha\u00ebl van de Poppe meanwhile <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1621171417252495366\">eyed<\/a> a level of 102 for DXY to spark inversely-correlated drops across risk assets.<\/p>\n<p>\u201cI do expect its likely DXY will retest what was support and now overhead resistance,\u201d Matthew Dixon, founder and CEO of crypto rating platform Evai, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mdtrade\/status\/1621138788809601029\">continued<\/a> in his own analysis. <\/p>\n<blockquote><p>\u201cThis would align with my inverse expectation on Btc and Crypto moving down a touch before a final &#8216;blowoff&#8217; high (not much higher imo).\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/3ab19a44-05aa-4cef-8c68-abd958fce2fa.png\"><figcaption style=\"text-align: center;\"><em>U.S. dollar index (DXY) annotated chart. Source: Matthew Dixon\/ <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<h2><span class=\"ez-toc-section\" id=\"CPI_presents_fresh_worry\"><\/span>CPI presents fresh worry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Macro-induced price pressure could meanwhile linger through February, some believe.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin bulls must reclaim these 2 levels as \u2018death cross\u2019 still looms<\/em><\/strong><\/p>\n<p>In its latest market update sent to Telegram channel subscribers, trading firm QCP Capital drew particular attention to the next U.S. Consumer Price Index (CPI) print, set for release on Feb. 14.<\/p>\n<p>\u201cPost-FOMC, we have a heap of 2nd tier data releases including the important ISM services and NFP. However the decider will be the Valentine&#8217;s Day CPI &#8211; and we think there are upside risks to that release,\u201d it stated.<\/p>\n<blockquote><p>\u201cFirstly, the Cleveland Fed&#8217;s inflation Nowcast is showing &gt;0.6% print for Jan, even if it has overstated inflation the past few months.\u201d<\/p><\/blockquote>\n<p>Thanks to a change in the way CPI is calibrated, QCP suspected that forthcoming numbers later in 2023 could be higher than the market expects. Whether psychological or not, the net impact could dis<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>oint crypto bulls.<\/p>\n<p>\u201cIn Europe, a similar reweight has led to a surge in the January CPI released this week. Hence, we expect downside risks to materialize from here &#8211; either at this meeting, or after the next CPI release,\u201d QCP added.<\/p>\n<p>According to data from CME Group\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\">FedWatch Tool<\/a>, meanwhile, consensus remained firm over the next rate hike in mid-March being identical to the February one at 25 basis points.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/ae7b9821-e183-4694-9633-d5a242f9a19c.png\"><figcaption style=\"text-align: center;\"><em>Fed target rate probabilities chart. Source: CME Group<\/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\/why-did-bitcoin-price-go-down-today-btc-traders-brace-for-23k-retest\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Why did Bitcoin price go down today? BTC traders brace for $23K retest &#8220; Bitcoin (BTC) headed toward $23,000 on Feb. 3 after a night of losses erased bulls\u2019 latest progress. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar rebound halts crypto party Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hitting lows&#8230;<\/p>\n","protected":false},"author":1,"featured_media":547265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/f3bc5681-616e-4973-90e2-f9c0e199cef4.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-547264","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\/547264","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=547264"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/547264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/547265"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=547264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=547264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=547264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}