Bitcoin (Btc) Saw a classic Wall Street Sell-off on March 12 as the Bears warmed up a greeting on slowing US inflation.
BTC/USD 1-Hour chart. Source: Cointelegraph/TradingView
BTC price returns to Key Bull Market Trendline
Data from Cointelegraph Markets Pro and Tradingview BTC/USD showed up to three-day high $ 84,437 to Bitstamp before reversal.
January print of US Consumer Price Index (CPI) comes below expectations at 2.8%, per Data From the Bureau of Labor Statistics (BLS), indicating the slowing of inflation.
“CPI’s main inflation fell to 3.1%, below expectations of 3.2%,” Kobeissi’s letter was traded added In the part of a response to X.
“It has marked the first refusal to both headlines and core CPIs since July 2024. Inflation has cooled the US.”
US CPI 12-month change. Source: BLS
However, the good news was short -lived as the start of trading on Wall Street saw the return of the character that sells pressure in the crypto markets.
Bitcoin thus fell to $ 82,400 before integration, at the time of writing, revolving around the day -to -day.
In his latest market observations, popular businessman and analyst Capital has seen a reason for careful BTC price performance.
“The latest Bitcoin Daily Close means that the price has begun in its release process recently filled with CME gap after its support,” he said Followers of X, which determine the difference between session closure and opening levels of Bitcoin futures of the CME group-a common influence on short-term prices.
“Any sinking at the top of the CME gap forms a post-breakout retest attempt to fully confirm the exit from this CME gap. Preliminary signs of retest are already taking place.”
CME GROUP BITCOIN FUTURES 1-DAY CHART. Source: Rek Capital/X.
Both businessman Daan Crypto Trades focuses on 200-day simple and exponential moving average (SMA/EMA)- Classic Bull Market Support Trendlines Present at $ 83,550 and $ 85,650, respectively.
“The bulls have the job to do here to get back to the top of the Daily 200ma/EMA. Last year we had the same thing and price chopped around these levels for 3+ months,” part of his latest X X mentioned.
BTC/USD 1-day chart with 200sma, 200ema. Source: Cointelegraph/TradingView
Bitcoin ETF outflows point to “growing care”
Continuing to the MacRO theme, the QCP Capital trading firm suggested that the CPI printing during the day could weigh in on the federal reserve interest decision of interest next week.
Related: The Bitcoin Whales Hint to $ 80k ‘Market Rebound’ as Cool Binance Inflows Cool
“In inflation concerns that await and MacRO risks, CPI printing will be a major determinant if the disinflationary trend will hold, or the volatility will intensify in the near term,” it writes in the latest “it”Color Asia”Update the market.
The QCP has seen $ 82,000 adopting as support, while institutional investor trends have been cautious.
“Meanwhile, Bitcoin ETFs have seen a significant net raising of $ 153.87 million, led by Grayscale’s Bitcoin Trust (GBTC), who recently offloaded 641 BTC, worth $ 56.45 million,” ending it, referenceing Netflows From the US spot bitcoin exchange-traded funds (ETF).
“It brought the total GBTC to 195,746 BTC, which costs $ 17.24 billion. This signal is a growing preservation of institutional investors.”
US spot bitcoin ETF Netflows (screenshot). Source: Farside Investor
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
