Bitcoin

Resistance

April

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 <a href="https://en.coin-turk.com/the-latest-situation-for-usdtry-and-btc-after-the-turkish-election-what-to-expect/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>, following the release of positive U.S. inflation data on July 12, briefly surpassed the $31,000 barrier before falling back below its key resistance level, returning to its starting point. 
 <h2 style="text-align: justify" id="strong-bitcoin-s-price-suppressed-by-created-buy-and-sell-wall-strong">Bitcoin’s Price Suppressed by Created Buy and Sell Wall</h2> 
 Yann Allemann, co-founder of Glassnode, explained that the swift rise and subsequent fall in the market-leading cryptocurrency were directed by carefully adjusted buy and sell walls to limit volatility. Bitcoin’s silence in the face of U.S. inflation data suggests that economic data may already be priced in. 
 <img decoding="async" class="aligncenter size-full wp-image-236649" src="https://coin-turk.com/wp-content/uploads/2023/07/Bitcoin-Aim-Satim-Duvari.jpeg" alt="" width="2340" height="1000"> 
 The Bollinger Bands (BB), a tool used by investors to determine periods of high and low market volatility, declined to their lowest level since January just before the announcement of U.S. inflation data. This compression led to a sudden upward movement in Bitcoin’s price. However, the buy and sell wall created in anticipation of high volatility prevented the expected price volatility, making the rise short-term. 
 Allemann also added that despite the positive inflation data, investor interest in Bitcoin remained low and positions of the anticipated size were not opened before the data was announced. 
 <h2 style="text-align: justify" id="strong-macroeconomic-environment-shifting-in-favor-of-bitcoin-strong">Macroeconomic Environment Shifting in Favor of Bitcoin</h2> 
 The cryptocurrency market seems to be awaiting new capital inflows, signaling a potential pause in Bitcoin’s price momentum. Interestingly, the macroeconomic environment is shifting in favor of Bitcoin. In the U.S., June’s annual headline inflation fell to 3%, slightly below the 3.1% market expectation, and core inflation, which was expected to reach 5%, fell to 4.8%, which could steer the Fed toward a more dovish monetary policy stance. 
 Market observers expect this, along with the American Dollar Index (DXY) falling to levels last seen in April 2022 at 100.4, to somewhat ease the pressure on Bitcoin and provide the breath it needs to climb to higher levels. 
 The post <a rel="noopener noreferrer nofollow" href="https://en.coin-turk.com/bitcoin-reacts-to-u-s-inflation-data-encounters-market-resistance/" data-wpel-link="internal">Bitcoin Reacts to U.S. Inflation Data, Encounters Market Resistance</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.
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Bitcoin Reacts to U.S. Inflation Data, Encounters Market Resistance

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