Reserve

Bitcoin

Resistance

<html>
 <head></head>
 <body>
 <figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
 </figure> 
 Bitcoin once again struggled to break through its key resistance level in the face of new consumer price index (CPI) data, coiling back to its starting point after nearly breaching the $31,000 mark. 
 as <a href="https://twitter.com/negentropic_/status/1679201717185835015?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ" rel="noopener noreferrer nofollow">detailed</a> by Glassnode co-founder Yann Allemann, the quick rise and subsequent fall of the cryptocurrency&nbsp;was driven by carefully placed buy and sell walls designed to limit volatility. The muted reaction of Bitcoin to the CPI data suggests that it may already have priced in the economic indicators. 
 The Bollinger Bands, a tool used by traders to identify periods of high and low market volatility, tightened to their lowest level since January just before the release of the CPI data. This tightening precipitated an abrupt upward movement in Bitcoin's price. However, this surge was short-lived as buy and sell walls, set up in anticipation of volatility, successfully dampened the expected price fluctuations. 
 <a href="https://u.today/xrp-surge-imminent-price-facing-massive-squeeze" rel="noopener noreferrer nofollow">card</a>Allemann notes that despite these updates, Bitcoin's open interest remains low with little sign of positioning ahead of the CPI data release. 
 The cryptocurrency market seems to be waiting for fresh capital inflow, signaling a potential stall in Bitcoin's price momentum. 
 Interestingly, the macroeconomic environment may be tilting in Bitcoin's favor. With annual CPI inflation for June hitting 3%, slightly below the 3.1% market prediction, and core <a href="https://u.today/bitcoin-disappoints-traders-following-cpi-data" rel="noopener noreferrer nofollow">CPI</a> inflation at 4.8%, the Federal Reserve may pivot towards a more dovish monetary policy stance. 
 This shift, coupled with the US dollar index (DXY) hitting a two-month low of 101.16, could relieve some pressure on Bitcoin and give it the breathing room it needs to climb higher.
 </body>
</html>

Bitcoin Fails to Break Resistance Level. Analyst Predicts What’s Next

U_Today

2023년 7월 12일에 게재된 다른 기사

Protect Yourself from the Ethereum MEV Bot Scam

Bitcoin cash price rises as Binance.US addresses recent concerns

PEPE Coin Attracts Major Investment

YouSUI Announces Strategic Partnership with Mirror World to Drive Web3 Gaming In the Sui Ecosystem

Blockswap to Host Multichain ERC20 Side Event at ETHCC

Riot Platforms Boosts Bitcoin Production Amid Texas Heatwave

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!