United

Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) gave up its latest gains into Sept. 11 as the United States Presidential debate disappointed crypto bulls.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-09/d82ce6a3-5d03-4f8e-9848-5de9d195f07e.png" alt="Bitcoin drops on Trump-Harris debate, with BTC price down 2.2% pre-CPI">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-sell-pressure-mounts-into-cpi-print">Bitcoin sell pressure mounts into CPI print</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> tracked a $1,000 BTC price decline in a single hour into the daily close, with BTC/USD going on to hit local lows of $56,099 on Bitstamp.
<a href="https://cointelegraph.com/news/bitcoin-us-cpi-print-options-markets-3-3-btc-price-move">Upside momentum</a> reversed as neither Republican candidate Donald Trump nor Democratic candidate Kamala Harris offered fresh inspiration for those seeking commitment to supportive crypto policy during the presidential debate.
“The crypto market was also disappointed by the lack of comments related to crypto policy,” trading firm QCP Capital wrote in a response to Telegram channel subscribers.
QCP suggested that a “risk-off move in risk assets” could easily come toward the US presidential election in November.
In the short term, meanwhile, the significance of the <a href="https://cointelegraph.com/news/is-crypto-entering-a-bear-market-5-things-bitcoin-this-week">August Consumer Price Index (CPI) print</a>, due later in the day, was already fading.
“With this macro event behind us, attention now turns to tonight's CPI release,” QCP continued. 
<blockquote data-ct-non-breakable="true">
 “The market is expecting CPI to print at 2.55% v 2.9% previously. We find the chances of an upside surprise more likely. However, we anticipate minimal market impact from CPI as the focus has shifted to unemployment data.”
</blockquote>
<a href="https://cointelegraph.com/news/bitcoin-price-dips-new-1-month-low-57k-us-jobs-data-fakeout">As Cointelegraph reported</a><a href="https://cointelegraph.com/news/bitcoin-price-dips-new-1-month-low-57k-us-jobs-data-fakeout"></a>, recent unemployment figures sparked brief bouts of BTC price volatility, but this nonetheless failed to initiate a clear trend in either direction.
“Bitcoin is following the path, expecting a lot of momentum to come after CPI and PPI,” crypto trader, analyst and entrepreneur Michaël van de Poppe <a href="https://x.com/CryptoMichNL/status/1833769950949031980" target="_blank" rel="noopener nofollow">reasoned</a> on X. 
Van de Poppe suggested that the low-timeframe correction was standard procedure before CPI events.
“Just a regular correction happening currently with CPI coming up. We'll be good if $55-56K holds,” he concluded.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-09/1b982dc9-bdfb-4703-bfdf-bc62b08f2d41.png" alt="Bitcoin drops on Trump-Harris debate, with BTC price down 2.2% pre-CPI">
 <figcaption style="text-align: center;">
 BTC/USDT 4-hour chart. Source:&nbsp;Michaël van de Poppe/X
 </figcaption>
</figure>
<h2 id="moving-averages-cement-weeks-long-btc-price-resistance">Moving averages cement weeks-long BTC price resistance</h2>
Continuing, popular trader Daan Crypto Trades noted a pattern emerging on the four-hour chart.
Related: <a href="https://cointelegraph.com/news/bitcoin-speculators-repeat-2021-de-risking-exposure-drops-21-6-k-btc">Bitcoin speculators repeat 2021 de-risking as exposure drops 21.6K BTC</a>
BTC/USD, he showed, was averse to crossing both the 200-period simple moving average (SMA) and exponential moving average (EMA).
A chart <a href="https://x.com/DaanCrypto/status/1833764010233131429/photo/1" target="_blank" rel="noopener nofollow">uploaded</a> to X on the day showed these two trend lines at $59,200 and $58,840, respectively.
“Whether $BTC trades above or below these MA’s are a good estimate of market strength/weakness,” part of an accompanying commentary argued. 
<blockquote>
 “Bulls would want to retake those to get a further bounce going.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-09/242dbf91-6b9b-4589-aa97-6c567de253cc.png" alt="Bitcoin drops on Trump-Harris debate, with BTC price down 2.2% pre-CPI">
 <figcaption style="text-align: center;">
 BTC/USD 4-hour chart with 200-period SMA, EMA data. Source: Daan Crypto Trades/X
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin drops on Trump-Harris debate, with BTC price down 2.2% pre-CPI

Table of Contents

Cointelegraph

Other articles published on Sep 11, 2024

Why Is Internet Computer (ICP) Price Pumping?

Update Insiden Indodax Diretas: Diduga Mirip Pola Peretas Lazarus dan Pelaku Punya Akses ke "Sign...

L2-verse: how to deliver on promises?

Will ICP 12% Surge Lead to Further Upside or a Price Reversal?

China is 6 months behind the US on AI products

A Rare Situation Happened in Bitcoin: A Lucky Bird Landed on a Bitcoin Miner!

Join our free newsletter for daily crypto updates!