Bitcoin (BTC) saw a classic sale of Wall Street on March 12 while Bears tempered a slowdown in American inflation.
BTC / USD 1 hour. Source: Cointelegraph / TradingView
The BTC price is reversed on Key Bull Market Trendline
Cointelegraph Markets Pro and TradingView data have shown that BTC / USD reaching three -day summits of $ 84,437 on Bitstamp before reversing.
The January printing of the American consumer price index (IPC) has occurred below 2.8%expectations, according to data from the Bureau of Labor Statistics (BLS), referring to slowing down inflation.
“Basic CPI inflation drops to 3.1%below 3.2%expectations,” added Kobeissi’s letter.
“This marks the first drop in the title and the basic ICC since July 2024. Inflation has been cooling in the United States.”
US CPI at 12 months% change. Source: BLS
However, the good news was short -lived while the start of Wall Street trading saw the return of the characteristic sales pressure on cryptographic markets.
Bitcoin therefore fell to $ 82,400 before consolidating, when writing, surrounding the daily life.
In his latest market observations, the popular merchant and analyst Rekt Capital saw a reason for prudent optimism on BTC prices performance.
“The latest Bitcoin Daily Close means that the price has started the release process of its recently completed CME gap after having transformed it into support,” he told X subscribers, referring to the difference between session closure and opening levels on future Bitcoin of the CME group-a current influence of short-term prices.
“Any drop in the top of the CME gap would constitute an attempted post-elite retest to fully confirm the exit of this CME deviation. The initial signs of this retest were already performing. »»
CME Group Bitcoin Futures 1 day. Source: Rekt Capital / X
The exchanges of Crypto Daan Trader Daan focused on the simple and exponentially exponent moving of 200 days (SMA / EMA) – the support lines of the classic bull market currently at $ 83,550 and $ 85,650, respectively.
“Bulls have work to do here to return above everyday life 200mA / EMA. Last year, we had the same thing and the price cut around these levels for more than 3 months, ”noted part of his latest X analysis.
BTC / USD 1 day of the graph with 200sma, 200EMA. Source: Cointelegraph / TradingView
Bitcoin Etf outputs point to “increasing prudence”
Continuing on the macro theme, the commercial company QCP Capital suggested that the impression of the IPC of the day could weigh on the decision of the interest rate of the federal reserve next week.
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“With persistent inflation problems and macro risks, the impression of the IPC will be a key determinant to know if the disinflationist trend will keep, or volatility intensifies in the short term,” he wrote in his latest update on the “color in Asia” market.
QCP considered that $ 82,000 devotes itself as support, while the trends of institutional investors have justified caution.
“Meanwhile, the ETF Bitcoin saw a significant net output of $ 153.87 million, led by Bitcoin Trust de Graycale (GBTC), which recently discharged 641 BTC, valued at 56.45 million dollars,” he concluded, referring to Netflows of the US Spot Bitcoin Exchange (ETFs).
“This reduced GBTC’s total assets to 195,746 BTC, worth around 17.24 billion dollars. This indicates growing prudence among institutional investors. »»
US Spot Bitcoin ETF Netflows (screenshot). Source: Wacky investors
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