Bitcoin (BTC) continued to struggle with major resistance on September 13 as markets braced for US inflation numbers.
“Serious” whales represent BTC’s new price hurdle
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.
— Material Indicators (@MI_Algos) September 12, 2022
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.”
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.
— Ed_NL (@Crypto_Ed_NL) September 13, 2022
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.
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.
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