Cryptocurrencies

Bitcoin (BTC) regained gains from the previous day on June 13 as markets prepared for a rise

Bitcoin (BTC) regained the previous day’s gains on June 13 as markets prepared for the next round of US inflation data.

BTC/USD one hour chart. Source: Commercial View

Bitcoin Fails to Sustain CPI Rise, Price Drops Below $70,000

Data from Cointelegraph Markets Pro and TradingView showed that BTC’s price trajectory reversed after the daily close after BTC/USD briefly touched $70,000.

The subsequent pullback led to a new low of $66,983 on Bitstamp, with Bitcoin down around 1.3% at the time of writing.

Enthusiasm was built by lower-than-expected Consumer Price Index (CPI) results, while the Federal Reserve’s interest rate meeting kept policy tight as expected.

However, Chairman Jerome Powell’s comment appeared to raise concerns about risky assets, as he reiterated that interest rate cuts at short notice were not yet on the table.

“We think the policy is restrictive. “We think that ultimately, if you just set policy at a restrictive level, you will end up seeing real weakness in the economy,” he told reporters at a news conference after the event, reported by CNBC and others.

“So that was always the idea, you know, since we raised rates so much, we always reported reductions at some point.”

Fed target interest rate outlook for September meeting. Source: CME Group

Markets reduced their bets on a cut at the September Fed meeting by about 10%, according to data from CME Group’s FedWatch tool.

“Today’s FOMC is certainly more hawkish than expected,” said financial commentator Tedtalksmacro on X (formerly Twitter).

“However, the market has already priced in this scenario, leaving the actual outcome today to be still low inflation (based on CPI data). This is clear from how stocks are moving… and cryptocurrencies will follow.

Analysis: $69,000 is the key to a “limit” BTC price.

By analyzing the price dynamics of Bitcoin, the material indicators of the trading resource revealed the role of Bitcoin whales in the current price fluctuations.

Related: Bitcoin Whale Accumulation Reaches Pre-2020 Bullish Levels – Is Bitcoin Ready to Surpass $70,000?

“Watching Bitcoin completely follow the morning pump is further evidence that these Killer Whale games are playing out exactly as I explained in my analysis since Friday,” an X article argued.

Physical indicators highlighted ongoing changes in order book liquidity, driving prices up and down, using external factors such as US macroeconomic data as a stage.

Continuing to zoom out, the situation remained the same: $69,000 was the key level to identify as support.

“Everything you need to know is in the charts,” the post concludes.

“IMO, what matters most is that we don’t print a lower low and BTC ends up validating the R/S Flip at $69,000. Until then, BTC will remain limited.

Liquidity of the BTC/USDT order book on Binance. Source: Physical Indicators/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

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