Bitcoin Braces for US Inflation Data as CPI Nerves Halt BTC Price Gains
Another surprise rise in inflation could make things 'ugly' for crypto markets, trader warns, with hours remaining before the publication of the CPI.
Market Update
Bitcoin (BTC) hit multi-day lows on August 10 as crypto traders braced for the impact with new US inflation data.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD plunging to $22,668 on Bitstamp in the most recent daily close, its lowest since August 5.
Bullish momentum had evaporated over the previous day, and traders' mood was decidedly risk-averse as markets awaited the latest reading of the Consumer Price Index (CPI). ).
Covering July, the data was due to be released at 8:30 a.m. Eastern Time on August 10, with expectations demanding that it show that US inflation had already peaked.
“CPI impressions have been pretty decisive for BTC price action,” Blockware Chief Analyst William Clemente wrote in part of a tweet about the event, adding that CPI would be a “ big day" for crypto.
An attached chart shows the impact of previous CPI readings on BTC/USD.
Annotated BTC/USD chart showing CPI events . Source: William Clemente/TwitterTrader and analyst Daan Crypto Trades meanwhile gave a CPI of 9.1 or higher as “bearish” for the price action against the current expectation of 8.7.
CPI guide for today in my opinion:
Annual CPI:
Another surprise rise in inflation could make things 'ugly' for crypto markets, trader warns, with hours remaining before the publication of the CPI.
Market Update
Bitcoin (BTC) hit multi-day lows on August 10 as crypto traders braced for the impact with new US inflation data.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD plunging to $22,668 on Bitstamp in the most recent daily close, its lowest since August 5.
Bullish momentum had evaporated over the previous day, and traders' mood was decidedly risk-averse as markets awaited the latest reading of the Consumer Price Index (CPI). ).
Covering July, the data was due to be released at 8:30 a.m. Eastern Time on August 10, with expectations demanding that it show that US inflation had already peaked.
“CPI impressions have been pretty decisive for BTC price action,” Blockware Chief Analyst William Clemente wrote in part of a tweet about the event, adding that CPI would be a “ big day" for crypto.
An attached chart shows the impact of previous CPI readings on BTC/USD.
Annotated BTC/USD chart showing CPI events . Source: William Clemente/TwitterTrader and analyst Daan Crypto Trades meanwhile gave a CPI of 9.1 or higher as “bearish” for the price action against the current expectation of 8.7.
CPI guide for today in my opinion:
Annual CPI:
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