{"id":564068,"date":"2023-03-15T18:55:36","date_gmt":"2023-03-15T15:55:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-rejects-at-25k-as-us-ppi-data-meets-credit-suisse-meltdown\/"},"modified":"2023-03-15T18:55:36","modified_gmt":"2023-03-15T15:55:36","slug":"bitcoin-rejects-at-25k-as-us-ppi-data-meets-credit-suisse-meltdown","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-rejects-at-25k-as-us-ppi-data-meets-credit-suisse-meltdown\/","title":{"rendered":"# Bitcoin rejects at $25K as US PPI data meets Credit Suisse meltdown"},"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-6a3d8b24def4e\" 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-6a3d8b24def4e\" 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-rejects-at-25k-as-us-ppi-data-meets-credit-suisse-meltdown\/#%E2%80%9D_Bitcoin_rejects_at_25K_as_US_PPI_data_meets_Credit_Suisse_meltdown_%E2%80%9C\" >&#8221; Bitcoin rejects at $25K as US PPI data meets Credit Suisse meltdown &#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-rejects-at-25k-as-us-ppi-data-meets-credit-suisse-meltdown\/#PPI_offers_%E2%80%9Cgreat_signs%E2%80%9D_on_Fed_pivot\" >PPI offers &#8220;great signs&#8221; on Fed pivot<\/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-rejects-at-25k-as-us-ppi-data-meets-credit-suisse-meltdown\/#Dollar_climbs_ignores_US_inflation_data\" >Dollar climbs, ignores U.S. inflation data<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Bitcoin_rejects_at_25K_as_US_PPI_data_meets_Credit_Suisse_meltdown_%E2%80%9C\"><\/span>&#8221; Bitcoin rejects at $25K as US PPI data meets Credit Suisse meltdown &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-48054ca8>Bitcoin (BTC) kept bears sweating near $25,000 on March 15 as encouraging macroeconomic data combined with concerns over banking crisis contagion.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/760342c1-66da-478c-8e85-bb856af07db1.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=\"PPI_offers_%E2%80%9Cgreat_signs%E2%80%9D_on_Fed_pivot\"><\/span>PPI offers &#8220;great signs&#8221; on Fed pivot<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 recovering from a 24-hour comedown to see highs of $25,273 on Bitstamp.<\/p>\n<p>The pair reacted positively to the latest United States producer price index (PPI) data, which came in far lower than expected.<\/p>\n<p>Prior to the release, the Binance order book showed principal bid and ask liquidity parked at $22,000 and $26,000, respectively.<\/p>\n<p>\u201cTime will tell if enough bid liquidity is there to insulate $22k from getting hit,\u201d on-chain monitoring resource Material Indicators <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1635974587224662016\/photo\/1\">wrote<\/a> in part of accompanying commentary while uploading the data to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/f632f52e-07e6-41fd-abec-2404c31bac45.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/figcaption><\/figure>\n<p>For Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, signs were there for the Federal Reserve and Chair Jerome Powell to abandon interest rate hikes at next week\u2019s decisive meeting.<\/p>\n<p>\u201cPPI comes in at 4.6%, while 5.4% was expected. Massive miss, resulting into inflation coming down. Powell to pivot?\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1635982352173129729\">queried<\/a>. <\/p>\n<blockquote><p>\u201cAtleast 25bps seems very likely (or no hikes with the banking issues). Great signs!\u201d<\/p><\/blockquote>\n<p>PPI joined already buoyant consumer price index (CPI) data released the day prior, this accompanying nine-month highs for Bitcoin as crypto took full advantage of the unfolding U.S. banking crisis.<\/p>\n<p>A day later, however, the focus was Europe as European bank stocks were halted for volatility and one in particular, Credit Suisse (CS), hit new record lows.<\/p>\n<p>CS was down over 25% at one point before a reversal took it above the $2 mark.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">WTF? The markets are now pricing in a probability of default of 47% for Credit Suisse. What have I missed? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Q2MMo0T3LV\">pic.twitter.com\/Q2MMo0T3LV<\/a><\/p>\n<p>\u2014 Holger Zschaepitz (@Schuldensuehner) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/1635994065471668225?ref_src=twsrc%5Etfw\">March 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&#8220;Silicon Valley Bank had about $209 billion in assets. Credit Suisse has about $578 billion in assets,&#8221; Genevieve Roch-Decter, CEO of financial insights firm Grit Capital, commented on the situation. <\/p>\n<blockquote><p>&#8220;This is a much bigger problem in the making.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Dollar_climbs_ignores_US_inflation_data\"><\/span>Dollar climbs, ignores U.S. inflation data<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Crypto meanwhile faced headwinds from an arguably unlikely source on the day in the form of surging U.S. dollar strength.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin to $100K next? Analyst eyes \u2018textbook perfect\u2019 BTC price move<\/em><\/strong><\/p>\n<p>Despite the economic data print showing declining inflation and more favorable conditions for risk assets, the U.S. dollar index (DXY) hit 105 for the first time since the Silicon Valley Bank implosion on March 1<\/p>\n<p>Explaining, markets commentator Tedtalksmacro pinned the blame firmly on Europe&#8217;s banking troubles.<\/p>\n<p>&#8220;Banking contagion is now spreading to Europe, euro bond yields sharply lower and therefore EUR is also sharply lower,&#8221; part of a tweet <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tedtalksmacro\/status\/1635971569930633218\">read<\/a>.<\/p>\n<blockquote><p>&#8220;The EUR makes up 58% of the DXY. So EUR down = DXY up!&#8221;<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tedtalksmacro\/status\/1635971569930633218\"><\/a><\/p><\/blockquote>\n<p>DXY measures dollar strength against a basket of major trading partner currencies. Its performance is traditionally inversely correlated with crypto markets.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/e896a37a-7918-4e19-87b6-21cb2a5661a9.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, 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<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\/bitcoin-rejects-at-25k-as-us-ppi-data-meets-credit-suisse-meltdown\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Bitcoin rejects at $25K as US PPI data meets Credit Suisse meltdown &#8220; Bitcoin (BTC) kept bears sweating near $25,000 on March 15 as encouraging macroeconomic data combined with concerns over banking crisis contagion. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView PPI offers &#8220;great signs&#8221; on Fed pivot Data from Cointelegraph Markets Pro and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":564069,"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\/ca09e09a-d18a-4e94-8c0c-b438bc96b458.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,76153,72357,73785],"class_list":["post-564068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-dollar","tag-credit-suisse","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564068","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=564068"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564068\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/564069"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=564068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=564068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=564068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}