Fun

News Feed - 2023-10-12 01:10:05

William Suberg7 hours agoBitcoin hits 2-week low on US inflation data — When will BTC price bounce?BTC price downside follows renewed inflation fears amid a prediction that Bitcoin might only reverse upward in December.4775 Total views16 Total sharesListen to article 0:00Market UpdateJoin us on social networksBitcoin (BTC) hit new October lows after the Oct. 11 Wall Street open, as one analyst hailed the “final stage” of the cryptocurrency bear market.BTC/USD 12-hour chart. Source: TradingViewBitcoin traders stress importance of $26,800


Data from Cointelegraph Markets Pro and TradingView showed further BTC price weakness emerging, costing bulls $27,000 support.


At the time of writing, the largest cryptocurrency was headed toward $26,600 as downside gained momentum.


The move followed United States inflation data in the form of the Producer Price Index (PPI), the September print for which came in above expectations — 2.2% versus 1.6% year-on-year (YoY). This added to concerns about lingering U.S. inflation pressures, with dollar strength up and risk assets down.Producer Price Index (PPI) chart. Source: U.S. Bureau of Labor Statistics


“PPI coming in hotter than expected, meaning that the DXY will probably have a bounce upwards and Bitcoin some corrections south. Still monitoring the lower boundaries here for potential entries,” Michaël van de Poppe, founder and CEO of MN Trading, commented on X.


Having already lost $1,000 since a “death cross” completed on the daily chart at the start of the week, Bitcoin thus hit its lowest levels since Sept. 29. In so doing, it canceled out its previous October gains and removed the month’s status as a classic “Uptober.”


“The final stage of the bear market for Crypto,” van de Poppe continued.“We might be reversing here already in October, going into an uptrend in November (retesting the $26,800 area) or we might be reversing at the end of December for a pre-halving & ETF rally. Good times are ahead for Bitcoin.”


Following the action, popular trader Skew also highlighted $26,800 as a crucial level within the current range.


“Will wait for close but looking like a rejection so far also last area for bulls to do something imo ~ $26.8K,” he told X subscribers about the four-hour chart.


At the same time, fellow trader Daan Crypto Trades noted multi-month highs in open interest, with high levels having triggered bouts of volatility that characterized the first week of the month.#Bitcoin At it"s highest Open Interest level since the August dump.

Usually this is met by some kind of squeeze from this point. pic.twitter.com/IZuhVbt6lt— Daan Crypto Trades (@DaanCrypto) October 11, 2023 Binance order book shows thin bids


Prior to the PPI release, monitoring resource Material Indicators showed a lack of bid support on the BTC/USD order book on the largest global exchange, Binance. This was clustered around $26,650.


Related: War, CPI and $28K BTC price — 5 things to know in Bitcoin this weekBTC/USD order book data for Binance. Source: Material Indicators/X


“This morning’s YoY Core PPI report shows this metric trending upward since July,” co-funder Keith Alan wrote in part of his subsequent commentary.


Alan added that the interest rates may remain at current levels without relief for risk assets longer than was previously expected.


“I’m not an economist, but I interpret that as high(er) for longer,” he concluded.


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# Markets# InflationAdd reactionAdd reactionRead moreWhat is an atomic swap, and how does it work?ETF filings changed the Bitcoin narrative overnight — Ledger CEOMacro factors to spark next crypto bull market in Q2 2024, Real Vision’s Raoul Pal says

News Feed

Switzerland Approves Gazprombank to Offer Bitcoin Trading and Custody
Switzerland Approves Gazprombank to Offer Bitcoin Trading and Custody Zurich-based Gazprombank, a subsidiary of Russia’s third-largest bank, has been appro
Metaverse Real Estate Sales Expected to Reach $1 Billion This Year
Metaverse Real Estate Sales Expected to Reach $1 Billion This Year Real estate sales in the metaverse are expected to reach a billion dollars this year, according to a metaverse an
Spellfire to Huobi Primelist on January 27th
Spellfire to Huobi Primelist on January 27th sponsored Spellfire is gaining momentum. The legend is back better than ever. Chase the $SPELLFIR
2022 in Review: ViaBTC Capital Gathers Momentum and Delivers Win-win Results
2022 in Review: ViaBTC Capital Gathers Momentum and Delivers Win-win Results press release PRESS RELEASE. As financial markets worldwide confront major challenges, the crypto market
Ethereum Forms A Bullish Pattern – Expert Reveals Short-Term Price Target
Este artículo también está disponible en español. Ethereum has been trading below the $2,800 mark for the past two weeks as selling pressure at this critical level contin
India-Russia Oil Deals Chip Away at Dollar Dominance in International Trade
India-Russia Oil Deals Chip Away at Dollar Dominance in International Trade On Wednesday, Reuters reported that Western sanctions on Russia and oil trading between Moscow and India
US Withdraws Request to Extradite BTC-e’s Vinnik From France, Lawyer Sees ‘Deceitful Maneuver’
US Withdraws Request to Extradite BTC-e’s Vinnik From France, Lawyer Sees ‘Deceitful Maneuver’ U.S. authorities have withdrawn their request to extradite the alleged operator
Marcel Pechman6 hours agoCosto sells out of gold bars, but is it a better investment than Bitcoin?Gold bars recently sold out at Costco, reflecting investors’ souring mood about the economy. Is there a silver lining fo
Publicly-Listed Chinese Lottery Firm Acquires Bitcoin Mining Pool Btc.com
Publicly-Listed Chinese Lottery Firm Acquires Bitcoin Mining Pool Btc.com A U.S. publicly-listed Chinese sports lottery firm is extending its arms into the crypt
BNB Chain Defies Expectations With Over 20% Surge To $750 – Details
Este artículo también está disponible en español. BNB Chain has been making headlines, setting records, and drawing investors worldwide. With a strong Q4 2024 and a $750
Dubai to Create Crypto Zone, Binance Joins Effort
Dubai to Create Crypto Zone, Binance Joins Effort The Dubai World Trade Centre will become a comprehensive ecosystem for cryptocurrencies and providers of related services. The mov
Bitcoin, Ethereum Technical Analysis: BTC Nearing $25,000 as Banks Face Exodus of Deposits
Bitcoin, Ethereum Technical Analysis: BTC Nearing $25,000 as Banks Face Exodus of Deposits Bitcoin moved closer to $25,000 on Tuesday, as banking withdrawals rose following the col