{"id":563418,"date":"2023-03-14T10:20:53","date_gmt":"2023-03-14T07:20:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-nears-25k-as-analysts-place-bets-on-cpi-impact\/"},"modified":"2023-03-14T10:20:53","modified_gmt":"2023-03-14T07:20:53","slug":"bitcoin-price-nears-25k-as-analysts-place-bets-on-cpi-impact","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-nears-25k-as-analysts-place-bets-on-cpi-impact\/","title":{"rendered":"# Bitcoin price nears $25K as analysts place bets on CPI impact"},"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-6a3eae88431f3\" 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-6a3eae88431f3\" 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-price-nears-25k-as-analysts-place-bets-on-cpi-impact\/#%E2%80%9D_Bitcoin_price_nears_25K_as_analysts_place_bets_on_CPI_impact_%E2%80%9C\" >&#8221; Bitcoin price nears $25K as analysts place bets on CPI impact &#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-price-nears-25k-as-analysts-place-bets-on-cpi-impact\/#Hopes_CPI_will_bring_Bitcoin_%E2%80%9Cconsolidation%E2%80%9D\" >Hopes CPI will bring Bitcoin &#8220;consolidation&#8221;<\/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-price-nears-25k-as-analysts-place-bets-on-cpi-impact\/#CPI_%E2%80%9CMaufactured%E2%80%9D_or_%E2%80%9Cin_some_solid_shape%E2%80%9D\" >CPI: &#8220;Maufactured&#8221; or &#8220;in some solid shape&#8221;?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_price_nears_25K_as_analysts_place_bets_on_CPI_impact_%E2%80%9C\"><\/span>&#8221; Bitcoin price nears $25K as analysts place bets on CPI impact &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) eyed key resistance near $25,000 on March 14 as markets awaited key economic data from the United States.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/01e533bc-c820-448a-93ff-0ce464e1f77a.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=\"Hopes_CPI_will_bring_Bitcoin_%E2%80%9Cconsolidation%E2%80%9D\"><\/span>Hopes CPI will bring Bitcoin &#8220;consolidation&#8221;<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 making monthly highs of $24,917 on Bitstamp overnight.<\/p>\n<p>The pair remained buoyant after the impact of multiple U.S. bank closures sent crypto markets skyrocketing.<\/p>\n<p>Now, all eyes were temporarily on the Consumer Price Index (CPI) print for February when it came to short-term BTC price action.<\/p>\n<p>A classic crypto volatility catalyst in itself, CPI last month showed an unwelcome slowdown in inflation abating, this in turn giving rise to fears that the Federal Reserve would keep interest rates higher for longer.<\/p>\n<p>Risk assets had little time to worry, however, as the banking crisis subsequently overshadowed the inflation debate. On the day, expectations already pointed to the Fed abandoning rate hikes altogether \u2014 regardless of CPI trends.<\/p>\n<p>\u201cBitcoin sweeping the highs here as it&#8217;s testing range high at $25K,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1635518856608333827\">told<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers. <\/p>\n<blockquote><p>\u201cYou&#8217;d preferably want to see some period of consolidation (CPI day today) before continuation. If markets sweep range high at $25.2K, make a bear. div and fall back, I&#8217;d be looking for shorts to $23K.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/f59820d3-bda2-48ad-99b7-f5c9e81b17ad.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/figcaption><\/figure>\n<p>On-chain monitoring resource Material Indicators pointed to a potential shake-up in order book composition thanks to CPI.<\/p>\n<p>Should the data outpace expectations, bid support could \u201crug,\u201d it warned, opening up the path for a deeper BTC price correction.<\/p>\n<p>\u201cAsia may continue to eat ask liquidity and clear a path for volatility before the CPI Report,\u201d it <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1635475694502260737\">commented<\/a> about moves on the BTC\/USD pair on Binance. <\/p>\n<blockquote><p>\u201cIf CPI is hot, I expect support to rug. If it&#8217;s cold, and another bank doesn&#8217;t go under before lunch, a bigger short squeeze.\u201d<\/p><\/blockquote>\n<p>An accompanying chart from co-founder Keith Alan showed $23,600 and $25,000 as the principal areas of bid and ask liquidity, respectively.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/d9055f22-43ac-46e7-89db-e694d9d6519b.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book data (Binance). Source: Keith Alan\/ Twitter<\/em><\/figcaption><\/figure>\n<p>Material Indicators added that in order for Bitcoin\u2019s overall rally to have legs, it would need to deliver multiple weekly closes above its 200-week moving average (WMA). <\/p>\n<p>\u201cNeed full candles above the 200 WMA to consider a breakout,\u201d it confirmed.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/147b8448-176f-436d-a4a2-04a928d36669.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week candle chart (Bitstamp) with 200MA. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"CPI_%E2%80%9CMaufactured%E2%80%9D_or_%E2%80%9Cin_some_solid_shape%E2%80%9D\"><\/span>CPI: &#8220;Maufactured&#8221; or &#8220;in some solid shape&#8221;?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Lower-than-expected CPI readings would boost the case for the Fed to lay off further rate hikes and loosen finanicial conditions.<\/p>\n<p><strong><em>Related:\u00a0Fed starts \u2018stealth QE\u2019 \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>For his part, U.S. President Joe Biden last week <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>eared to have no concerns that inflation was on the right track, even before the banking crisis fully erupted.<\/p>\n<p>In a White House <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2023\/03\/10\/remarks-by-president-biden-on-the-february-jobs-report\/\">press conference<\/a>, Biden said that he was &#8220;optimistic we\u2019re going to get the \u2014 the CPI next week. Hopefully, we\u2019ll be in \u2014 in some solid shape.&#8221;<\/p>\n<p>Among analysts, however, there were suspicions. A surprise drop in CPI would be most useful for a Fed currently backed into a corner by recent events, popular trader xTrends implied.<\/p>\n<p>&#8220;I believe tomorrows CPI will be manufactured to prevent a market crash , and it will be silently revised weeks later like they did with the last few CPI numbers,&#8221; he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/xtrends\/status\/1635372942778331137\">revealed<\/a> in part of Twitter commentary.<\/p>\n<p>A starker warning on macro meanwhile came from Cathie Wood, CEO of ARK Invest, who issued a grim forecast for the consequences of any further rate hikes.<\/p>\n<p>In a dedicated <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CathieDWood\/status\/1635259814292123649\">Twitter thread<\/a> on March 13, Wood, under whose leadership ARK continues to increase crypto exposure, called for a Fed &#8220;pivot&#8221; on rates.<\/p>\n<p>&#8220;If the Fed continues to focus on lagging indicators like the CPI, and does not pivot in response to the deflationary forces telegraphed by the inverted yield curve, then this crisis will devour more regional banks and further centralize, if not nationalize, the US banking system,&#8221; she wrote.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CathieDWood\/status\/1635259827902631939\"><\/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. 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BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView Hopes CPI will bring Bitcoin &#8220;consolidation&#8221; Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD&#8230;<\/p>\n","protected":false},"author":1,"featured_media":563419,"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\/2023-03\/f3021b79-c79b-4232-a934-88892b759516.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,70550,70551,70552,73785],"class_list":["post-563418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-federal-reserve","tag-inflation","tag-interest-rates","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563418","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=563418"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563418\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/563419"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=563418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=563418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=563418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}