Fun

Bitcoin price CPI gains last just 1 hour as Mt. Gox sell-off fears linger

News Feed - 2024-07-11 11:07:40

William SubergJul 11, 2024Bitcoin price CPI gains last just 1 hour as Mt. Gox sell-off fears lingerA clutch CPI beat fails to buoy heavy crypto markets for long, with Bitcoin gaining then losing $1,000 within an hour.375 Total viewsListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) spiked to new one-week highs on July 11 as United States macroeconomic data delivered a bullish surprise.BTC/USD 15-minute chart. Source: TradingViewBitcoin quickly erases a trip to one-week highs


Data from Cointelegraph Markets Pro and TradingView showed a rapid but brief BTC price climb to $59,516 on Bitstamp.


This followed the June print of the US Consumer Price Index (CPI), which showed inflation slowing beyond expectations.


Year-on-year and month-on-month CPI both came in 0.1% lower than forecast, leading to a positive reaction across both crypto and US stock markets.


“The all items index rose 3.0 percent for the 12 months ending June, a smaller increase than the 3.3-percent increase for the 12 months ending May,” an accompanying press release from the US Bureau of Labor Statistics confirmed.“The all items less food and energy index rose 3.3 percent over the last 12 months and was the smallest 12-month increase in that index since April 2021.”US CPI 12-month % change. Source: Bureau of Labor Statistics


Nonetheless, the initial gains proved shortlived, with BTC/USD quickly erasing the $1,000 it had initially added.


“Inflation coming down faster than expected. Local higher high for Bitcoin in response,” popular trader Jelle summarized on X (formerly Twitter).“Time to let the dust settle, but safe to say it"s much stronger than it was at the start of the month. Reclaim $60,000 and things will look much better.”BTC/USD chart. Source: Jelle/X


$60,000 remained the key level on the radar for market participants, with fellow trader Wolf identifying it as a target for a resistance flip.


“The 60-61.6k range is where the strongest resistance lies, due to horizontal and weekly 21EMA barriers,” he told X followers, referring to the 21-week exponential moving average at $60,900.“If this level is cleared, the bulls will regain control.”BTC/USD chart. Source: Wolf/X


As Cointelegraph reported, other important lines in the sand within the Bitcoin bull market include the 200-day moving average and short-term holder cost basis, the latter still high above spot price at $64,088, per data from onchain analytics resource Look Into Bitcoin.Bitcoin short-term holder realized price. Source: Look Into Bitcoin


Short-term holders, the name given to the more speculative end of the Bitcoin investor cohort, held up to 2.8 million BTC at a loss when price hit four-month lows of $53,500 last week.BTC price sentiment beholden to Mt. Gox pressure


The mood overall meanwhile remained cautious, as markets anticipated the start of distribution of coins belonging to creditors of defunct exchange Mt. Gox.


Related: Bitcoin traders’ profit margins repeat 2022 bear market — New research


Crypto commentator Zen suggested that a BTC price “nuke” could still result as funds hit exchanges, with two days required for the market to rebalance itself.


That view also held beyond trading circles, with Jamie Coutts, chief crypto analyst at financial services firm Real Vision, arguing that it would ultimately be a cathartic process.


“While painful in the short term, the distributions of the Mt.Gox reserve and government sales remove the annoying supply overhang, helping distribute coins to a wider array of holders, thereby growing the network and leaving Bitcoin even better off than before,” he wrote on X on July 10.Mt. Gox BTC reserves vs. BTC/USD. Source: Jamie Coutts/X


Coutts referenced ongoing BTC sales from the German government, which Cointelegraph continues to report on.


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# Mt. GoxAdd reaction

News Feed

Liza Savenko9 hours agoHow to manage crypto losses on tax returns in the US, UK and CanadaUnlock the complexities of cryptocurrency taxation and learn how crypto losses impact your tax liability in the United States, Uni
Paraguay Eyed as New Bitcoin Mining Destination
Paraguay Eyed as New Bitcoin Mining Destination Paraguay is one of the destinations being considered by various companies for setting up their bitcoin mining operations. Last week,
FNCT (Financie Token) Exceeds JPY 20 billion (USD 150 million) in IEO Applications
FNCT (Financie Token) Exceeds JPY 20 billion (USD 150 million) in IEO Applications press release PRESS RELEASE.Trading available on Coincheck (exchange) from March 16 〜
Coincheck, Thunder Bridge move closer to Nasdaq listing with public filing
Ana Paula Pereira7 hours agoCoincheck, Thunder Bridge move closer to Nasdaq listing with public filingCoincheck and Thunder Bridge Capital filed their registration statement with the SEC, bringing their merger and Nasdaq
Spending Sats: A Look at This Year’s Bitcoin Black Friday Deals
Spending Sats: A Look at This Year"s Bitcoin Black Friday Deals Every year the shopping holiday called Black Friday allows consumers to get better deals on produ
British Fintech Revolut Granted Crypto License in Cyprus
British Fintech Revolut Granted Crypto License in Cyprus U.K.-based digital bank Revolut has been authorized by Cyprus to provide cryptocurrency services to millions of customers o
Dogecoin Is Bullish Long-Term, but Short-Term Screams Caution. Here’s Why Meme Index Presale Can 100X as a Result.
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Poloniex Lists SENSO As Sensorium Galaxy’s Partnership Spree With World-Class Artists Accelerates
Poloniex Lists SENSO As Sensorium Galaxy’s Partnership Spree With World-Class Artists Accelerates With COVID-19 cases on the rise and the world’s top eco
Devere CEO Explains Why He Is Buying the Bitcoin Dip
Devere CEO Explains Why He Is Buying the Bitcoin Dip The CEO of Devere Group, a financial advisory and asset management firm, has shared multiple reasons why he is buying the bitco
Google to Help Digital Asset Platform Bakkt Introduce Crypto to Millions of Consumers
Google to Help Digital Asset Platform Bakkt Introduce Crypto to Millions of Consumers Digital asset platform Bakkt has announced a partnership with Google “to introduce digi
DePin Helium Mobile releases first post-roadmap progress update
Vince Quill8 hours agoDePin Helium Mobile releases first post-roadmap progress updateDecentralized physical infrastructure networks represented the fourth-most profitable sector for investors in the first half of 2024.85
Grayscale tips Ether ETF approvals despite SEC ‘lack of engagement’
Brayden Lindrea8 hours agoGrayscale tips Ether ETF approvals despite SEC ‘lack of engagement’“The case is just as strong as it was for spot #Bitcoin ETFs,” Grayscale’s chief legal officer Craig Salm wrote in a