Bitcoin (BTC) was recorded a classic sales on Wall Street on March 12, when the bears were alleviated by the welcome slowing in inflation in the USA.
BTC/1-hour chart. Source: Cointelegraph/TradingView
BTC Price will go back on the Bull Bull market trend line
Data from CointeLraph Markets Pro i TradingView Before reversing, he showed that BTC/USD reached a three -day maximum USD 84,437 at Bitstamp.
In the January printout of the American consumer price rate (CPI) he obtained below the expectation of 2.8% data from the Office of Labor Statistics (BLS), indicating a slowdown in inflation.
“Basic CPI inflation drops to 3.1%, below expectations of 3.2%”, commercial resource of Kobeissi in addition In part of the answer to X.
“This means the first decrease in both the header and the basic CPI since July 2024. Inflation cools down in the USA.”
12-month change of CPI CPI. Source: BLS
However, good news was tiny -lived when the beginning of the Wall Street trade return the characteristic sales pressure on cryptographic markets.
In this way, Bitcoin fell to USD 82,400 before consolidation, at the time of writing, circulating everyday open.
In his latest market observations, the popular salesman and Rekt Capital analyst saw the reason for cautious optimism in terms of BTC prices.
“The latest daily daily bitcoins means that Price began the process of leaving the recently filled CME gap after transforming it into support,” he he said X Observers, referring to the difference between session closing levels and opening levels on Bitcoin Group contracts-a long-term impact on a short-term impact.
“Any immersion at the top of the CME gap would be an attempt to fully confirm the exit from this CME gap. Initial signs of this testing already occurring. “
1-day Bitcoin Group Bitcoin chart. Source: Rekt Capital/X.
Another Daan Crypto Trades trader focused on 200-day straight and exponential medium movable (SMA/EMA)-the Bull market support lines, currently 83 550 and 85 650 USD, respectively.
“Bulls got a job here to come back above Daily 200ma/EMA. Last year we had the same and the price chopped around these levels for over 3 months ”, part of his latest X analysis excellent.
1-day BTC/USD chart from 200sma, 200EM. Source: Cointelegraph/TradingView
Bitcoin ETF outflows indicate “growing caution”
Continuing the Makro theme, the QCP Capital Trade Firma suggested that CPI print during the day may consider the decision on the percentage rates of the Federal Reserve next week.
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“Thanks to the fears of inflation with the maintenance of macro risk, the CPI printout will be a key determinant of whether the disinfection trend will persist, whether the variability intensifies in the near future,” he wrote in the latest “”Asia color“Market update.
QCP noticed USD 82,000 as support, while institutional investors’ trends justified caution.
“Meanwhile, ETF Bitcoin recorded a significant net outflow of $ 153.87 million, run by Graysale’s Bitcoin Trust (GBTC), which recently relieved $ 641, worth $ 56.45 million,” he concluded, he summed up, referring to Netflows from American Bitcoin rotary funds (ETFS).
“This reduced the total GBTC rules to 195 746 BTC worth around $ 17.24 billion. This signals an increase in caution among institutional investors. “
SP Spot Bitcoin ETF Netflows (screenshot). Source: Farside Investors
This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.
