Fun

Bitcoin analysis eyes CPI as whales 'pressure' BTC price below $69K

News Feed - 2024-04-09 11:04:31

William Suberg9 hours agoBitcoin analysis eyes CPI as whales "pressure" BTC price below $69KBitcoin faces some familiar whale games into the U.S. economic reports as BTC price fails to find support above $70,000.6229 Total views56 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) stayed indecisive after the April 9 Wall Street open amid a warning that macro data could spark further BTC price downside.BTC/USD 1-hour chart. Source: TradingViewAnalysis: Bitcoin whales may leverage "hot" CPI print


Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dipping below $69,000 as Wall Street returned.


Bulls continued to lack momentum to reclaim further ground toward current all-time highs of $73,800.


Analyzing order book data, trading resource Material Indicators drew attention to whales attempting to draw price lower in order to enter fresh long positions. The target timeframe, it explained in analysis on X (formerly Twitter), was the United States Consumer Price Index (CPI) print, due for release on April 10.


“We"ve seen this behavior frequently around economic reports,” it wrote.“If Wednesday"s Core Inflation numbers are hot, they"ll likely be able to extend the downside move. However, what often happens in these scenarios is that whales long the dip and exploit the upside liquidity void they just created for a relatively quick move up.”BTC/USDT order book liquidity for Binance. Source: Material Indicators/X


An accompanying chart showed the nearest firm wall of bid liquidity situated at $66,500 on largest global exchange Binance.


"Bitcoin is rejecting from this blue Range High ($71300) at the moment," fellow popular trader Rekt Capital continued while examining the weekly chart."Bitcoin is thus sandwiched between the old All Time Highs of $69000 (support) and the highs from two weeks ago of $71300 (resistance). There"s scope for consolidation here going forward."BTC/USD chart. Source: Rekt Capital/XGBTC outflows keep mounting


Pressure meanwhile continued among the spot Bitcoin exchange-traded funds (ETFs).


Related: Plotting the path to $80K — 5 things to know in Bitcoin this week


As Cointelegraph reported, April 9 saw a net outflow of $200 million, driven mostly by a large outflow from the Grayscale Bitcoin Trust (GBTC).


This caught market observers off guard, and preliminary data for April 10 saw those GBTC outflows only accelerating.


The numbers from crypto intelligence firm Arkham, shared to X by popular trader Daan Crypto Trades, put them at around 6,200 BTC ($434 million) — the largest tally in dollar terms for several weeks.Source: Daan Crypto Trades


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 reaction

News Feed

Ethereum Co-Founder Vitalik Buterin Discusses Bitcoin’s Long-Term Security
Ethereum Co-Founder Vitalik Buterin Discusses Bitcoin’s Long-Term Security On September 1, Vitalik Buterin conducted an interview with the economics author Noah Smith and the co-
LINK Price Action Turns Cautious As Bearish Pennant Shapes Up
Este artículo también está disponible en español. Chainlink (LINK) is flashing bearish signals as it forms a pennant pattern, hinting at a potential continuation of its d
Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining Pool
Venezuela Passes Law Legalizing Crypto Mining, Forces Miners to Join National Mining PoolReports say Venezuela has now legalized bitcoin mining following the decree recently issued
New Wrapped Bitcoin Platform Allows You to Transact in BTC Using Tezos
New Wrapped Bitcoin Platform Allows You to Transact in BTC Using Tezos On April 8, the Bitcoin Association Switzerland (BAS) announced the launch of a new wrapped bitcoin project
Coffeezilla says ‘groundless’ Logan Paul lawsuit aims to ‘crush new investigations’
Ezra Reguerra11 hours agoCoffeezilla says ‘groundless’ Logan Paul lawsuit aims to ‘crush new investigations’Coffeezilla believes the lawsuit aims to “crush new investigations while taking revenge for the old on
Record-Low Electricity Prices in Sweden Make It ‘a Lucrative Place’ to Mine Bitcoin, Says Report
Record-Low Electricity Prices in Sweden Make It "a Lucrative Place" to Mine Bitcoin, Says Report Bitcoin miners are finding the Nordic lands a profitable opportu
PODCAST: Caitlin Long on Bitcoin as Insurance Against Financial Collapse
“To me, it’s an insurance against instability in the mainstream financial industry,” said Caitlin Long, one of the most experienced Wall Street professionals to defect to the crypto space.
Turner Wright2 hours agoCoinSmart president says crypto taxes are a ‘little bit more favorable’ outside USAccording to Jeremy Koven, Canadian crypto firms may have a better regulatory environment than ones in the Uni
Skybridge Capital Founder Doubles Down on $100K Bitcoin Prediction — Expects BTC to Reach $500K Long-Term
Skybridge Capital Founder Doubles Down on $100K Bitcoin Prediction — Expects BTC to Reach $500K Long-Term The founder of Skybridge Capital has doubled down on his $100K bitcoin p
Bid to Have MTI Ponzi Declared Unlawful Scheme Suffers Setback — More Investors Oppose Motion
Bid to Have MTI Ponzi Declared Unlawful Scheme Suffers Setback — More Investors Oppose Motion A slew of late court filings by lawyers representing Mirror Trading International (M
Bitcoin Beach to Receive More Than $203 Million in Infrastructure Investments in El Salvador
Bitcoin Beach to Receive More Than $203 Million in Infrastructure Investments in El Salvador El Zonte, a beach in El Salvadorrebaptized as “Bitcoin Beach” due to its
US Inflation Could Be Worse Than Expected, Goldman Sachs Says — Atlanta Fed President Favors 25 BPS Rate Hike
US Inflation Could Be Worse Than Expected, Goldman Sachs Says — Atlanta Fed President Favors 25 BPS Rate Hike While the conflict in Ukraine is a hot topic, fears of rising inflat