Home CryptocurrencyBitcoin Bitcoin Struggles With Whales Above $22,000 As BTC Price Faces US CPI Data

Bitcoin Struggles With Whales Above $22,000 As BTC Price Faces US CPI Data

by SuperiorInvest

Bitcoin (BTC) continued to struggle with major resistance on September 13 as markets braced for US inflation numbers.

BTC/USD 1 Hour Candlestick Chart (Bitstamp). Source: TradingView

“Serious” whales represent BTC’s new price hurdle

Data from Cointelegraph Markets Pro and TradingView watched BTC/USD as it tried to push $22,500.

Bulls tried to break the wall of seller interest in the range just above $22,000, which proved particularly stubborn and led to a consolidation phase overnight.

Material monitoring resource Material Indicators highlighted the fight in a screenshot of a Binance BTC/USD order the day before.

Meanwhile, for partner analytics platform Whalemap, it was no surprise that the current range was a stumbling block for the bulls.

“New Area to Watch: $22,780-$23,400,” Whalemap Team he said Twitter followers.

“This is serious BUT it’s the last one in our current 19k – 25k range.”

Annotated Chart of Big Bitcoin Wallet Inflow. Source: Whalemap/Twitter

The accompanying chart showed the extent to which high-volume wallets have accumulated at various levels in the past. Resistance close to the spot price was thus almost guaranteed.

Like Cointelegraph reportedThese bursts of whale activity effectively closed the last BTC price bottom.

Analyzing the situation further, popular trader Crypto Ed was convinced that a price correction should now enter, but noted that interest from spot buyers nevertheless remained.

IN previous updateCrypto Ed gave a potential downside target of $20,800.

CPI billing in hours

For Michaël van de Poppe, CEO and founder of trading firm Eight, the day was still all about printing the US Consumer Price Index (CPI) for August.

Related: The Fed, The Merger And $22,000 BTC – 5 Things You Should Know About Bitcoin This Week

The CPI, poised to confirm a continued downward trend in inflation, promised risk asset volatility around the reveal date. 8:30 a.m. Eastern Time.

“Today is a big day at CPI. Expected to be -0.1% month-on-month and 8.1% year-on-year,” Van de Poppe he explained.

“If it goes higher than these numbers, we are likely to see a strong negative reaction to risk. If it is lower -> positive reaction. Simple.”

The US Dollar Index (DXY), a key driver of risk asset declines, pared its recent days’ decline and attempted to hold 108 as support.

US Dollar Index (DXY) 1 hour candlestick chart. Source: TradingView

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and trading step involves risk, you should do your own research when making a decision.

Source Link

Related Posts

%d bloggers like this: