Fun

News Feed - 2023-07-28 11:07:13

William Suberg9 hours agoBTC price shrugs off strong PCE data as Bitcoin traders eye $28K rangeBitcoin traders expect downside as BTC price offers a muted reaction to the Fed’s “preferred” inflation metric.2768 Total views20 Total sharesListen to article 0:00Market UpdateJoin us on social networksBitcoin (BTC) stayed rangebound at the July 28 Wall Street open despite further United States inflation data beating expectations.BTC/USD 1-hour chart. Source: TradingViewFed’s “preferred” inflation metric points to waning pressure


Data from Cointelegraph Markets Pro and TradingView showed BTC price action getting only a modest boost from the Personal Consumption Expenditures (PCE) Index print.


This came in below estimates, hinting that U.S. inflation was continuing to subside and copying other data prints from the week.BREAKING: US PCE Price Index comes in below expectations

Expected = 3.1%

Actual = 3.0%

Inflation continues to wane as per this metric pic.twitter.com/61mrcBDON6— Game of Trades (@GameofTrades_) July 28, 2023


Addressing its implications, financial commentary resource The Kobeissi Letter noted that PCE represented the Federal Reserve’s “preferred” inflation metric, as previously revealed by Chair Jerome Powell.


“PCE inflation is now at its lowest since April 2021. The Fed may finally have inflation under control,” it suggested in part of its analysis on social media.At this week"s Fed"s meeting, they said inflation data over the next 2 months is important.

PCE inflation is another sign of progress on the fight against inflation.

Is the Fed"s rate hike cycle finally over?

Follow us @KobeissiLetter for real time analysis as this develops/— The Kobeissi Letter (@KobeissiLetter) July 28, 2023


However, much like the July 26 Fed interest rate hike and the July 27 U.S. Q2 gross domestic product (GDP) estimate, Bitcoin refused to turn on volatility, sticking between $29,000 and $29,500.Bitcoin stays below bulls’ resistance target


Among traders, there was still an appetite for BTC price downside, with the $30,000 resistance now in place for over a week.


Related: Bitcoin price risks ‘major volatility’ as 10K BTC hits exchanges


Popular trader Crypto Tony confirmed that he remained short BTC below $29,600.


“I expect continuation down to $28,000 in time, but for sure we could range here for a little while before the drop,” he told Twitter (now known as X) followers on the day.BTC/USD annotated chart. Source: Crypto Tony/X


Fellow trader Daan Crypto Trades likewise placed emphasis on the loss of the local range focused on the $30,000 mark.


“With Bitcoin Rejecting from the previous range, I think it makes sense to prepare for low $28Ks,” he argued.“Invalidation upon retaking $29.5K but there seems to be a lot of supply at that level and little spot bid to bring it up. Likely a choppy road on the way there.”BTC/USD annotated chart. Source: Daan Crypto Trades/Twitter


Michaël van de Poppe, founder and CEO of trading firm Eight, meanwhile spied what he called “deviation” on the daily BTC/USD chart — something previously occurring in February that was followed by an upward rebound.Deviation. #Bitcoin pic.twitter.com/AlX9dHOCCt— Michaël van de Poppe (@CryptoMichNL) July 28, 2023


Van de Poppe additionally asked whether the weekend, with its thinner liquidity and more options for volatile movement, could produce a “classic” comeback.


Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books


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# Bitcoin Price# MarketsAdd reactionAdd reactionRelated NewsHow to send and receive payments on the Lightning NetworkBitcoin mining is becoming more environmentally friendlyThe last Bitcoin: What will happen once all BTC are mined?Price analysis 7/26: BTC, ETH, XRP, BNB, ADA, SOL, DOGE, MATIC, LTC, DOTBitcoin traders eye Fed’s Powell as FOMC hikes rates to 22-year highsBitcoin bull run next? Bitfinex stablecoin ratio ‘blows up’ in 2023

News Feed

Tristan Greene3 hours agoNew data poisoning tool would punish AI for scraping art without permissionThe tool is currently in the research stage, but the team plans to integrate it with its existing artist protection tool
Brayden Lindrea7 hours agoBitcoin miners raked $184M in fees in Q2, surpassing all of 2022It’s been one of the most lucrative quarters for those that profit from Bitcoin transaction fees in nearly two years.2596 Total
Model Suggests BTC Price Floor Is $39K, Survey Shows Hope for Year-End $100K Bitcoin Price
Model Suggests BTC Price Floor Is $39K, Survey Shows Hope for Year-End $100K Bitcoin Price Bitcoin prices have been better after the second week of September, hovering around $46.5
Savannah Fortis10 hours agoAI can be a ‘creative amplifier’ — Grammy chief exec Harvey Mason Jr.Cointelegraph spoke with Harvey Mason Jr. in an exclusive interview about how the Recording Academy sees the integrati
Chainlink and CF Benchmarks to Bolster Onchain Transparency via CF Bitcoin Interest Rate Curve Product
Chainlink and CF Benchmarks to Bolster Onchain Transparency via CF Bitcoin Interest Rate Curve Product On Wednesday, the decentralized oracle network platform, Chainlink, announced
Yield App Doubles Assets In Q3 As It Scores Big With Premier League Partnership
Yield App Doubles Assets In Q3 As It Scores Big With Premier League Partnership sponsored YIELD App, a FinTech company and digital asset wealth management platform, has published it
President of Mexico Denies Having Interest in Adopting Bitcoin as Legal Tender
President of Mexico Denies Having Interest in Adopting Bitcoin as Legal Tender The President of Mexico, Andres Manuel Lopez Obrador, denied having any interest in adopting cryptocu
Brazil Based FTX Customers Organizing to File Class-Action Lawsuit
Brazil Based FTX Customers Organizing to File Class-Action Lawsuit A group of customers of the recently collapsed crypto exchange FTX, is organizing to take legal action against th
Apple is future-proofing iMessage with post-quantum cryptography
Tristan Greene6 hours agoApple is future-proofing iMessage with post-quantum cryptographyQuantum computers pose an outsized threat to status quo cryptographic solutions.1096 Total views4 Total sharesListen to article 0:0
Peter Schiff once called Bitcoin a ‘pure ponzi’ now wishes he bought some
Brayden Lindrea3 hours agoPeter Schiff once called Bitcoin a ‘pure ponzi’ now wishes he bought someSchiff claims he would have “kept quiet” had he bought Bitcoin because he never believed in its fundamentals.2117
PayPal’s Axing of Pornhub Model Payments May Boost Crypto Conversions
Top adult entertainment site Pornhub may expand the range of cryptocurrencies it offers to pay performers for their work after PayPal abruptly cut off service. “We currently p
Unofficial GameStop memecoin surpasses $100M in market cap
Zhiyuan Sun8 hours agoUnofficial GameStop memecoin surpasses $100M in market capThe Solana memecoin has soared more than 2,000% in the past week following the surge in GameStop’s stock.3471 Total views5 Total sharesLis