ApeWatcher News
  • Home
  • Advertise
  • Headlines
  • Crypto
    • News
    • Bitcoin
    • Ethereum
    • Altcoin
    • View All
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
  • Listing Platform
  • BSC
  • CRO
  • ETH
  • BRC
What's Hot

Arthur Hayes Says Bitcoin Can Shatter $1,000,000 on Vicious Cycle of Fed Money Printing

March 22, 2023

Blockchain messaging is going to replace Telegram and Discord

March 22, 2023

Unstoppable Domains to Roll Out Web3 Messaging Service on Polygon

March 22, 2023
Twitter Telegram
  • Listing Platform
  • Home
  • BSC
  • CRO
  • ETH
  • BRC
Advertise
Twitter Telegram
ApeWatcher News
  • Headlines
  • Crypto
    1. News
    2. Bitcoin
    3. Ethereum
    4. Altcoin
    5. View All

    Arthur Hayes Says Bitcoin Can Shatter $1,000,000 on Vicious Cycle of Fed Money Printing

    March 22, 2023

    Blockchain messaging is going to replace Telegram and Discord

    March 22, 2023

    Unstoppable Domains to Roll Out Web3 Messaging Service on Polygon

    March 22, 2023

    US Central Bank’s Fednow Payment Service to Launch in July, Economist Calls Timing ‘Suspicious’

    March 22, 2023

    Arthur Hayes Says Bitcoin Can Shatter $1,000,000 on Vicious Cycle of Fed Money Printing

    March 22, 2023

    Bitcoin Flashing Remarkable Strength As Adoption Accelerates, Says Analytics Firm Glassnode

    March 22, 2023

    Traditional banks rely on ‘tiny buffer’: Paris Blockchain Week 2023

    March 22, 2023

    Tim Draper sings a Bitcoin song dedicated to SVB and world governments: PBW 2023

    March 22, 2023

    BitMEX Outlines Three Scenarios for Crypto This Year, Says Market Recovery a Likely Outcome

    March 22, 2023

    Arbitrum airdrop hype helps zkSync addresses jump over 5X in a week

    March 20, 2023

    Synthetix nets $20M from Web3 quant trading firm

    March 20, 2023

    These 5 cryptocurrencies may continue to surprise to the upside

    March 19, 2023

    Why is Cardano price up today?

    March 22, 2023

    Coinbase Adds Highly Anticipated Ethereum (ETH) Scaling Solution Token to Listing Roadmap

    March 22, 2023

    ‘Crypto FUD’ — Industry outraged as White House report slams crypto

    March 22, 2023

    Speculators flock to Arbitrum IOU tokens ahead of this week’s ARB airdrop

    March 21, 2023

    Arthur Hayes Says Bitcoin Can Shatter $1,000,000 on Vicious Cycle of Fed Money Printing

    March 22, 2023

    Blockchain messaging is going to replace Telegram and Discord

    March 22, 2023

    Unstoppable Domains to Roll Out Web3 Messaging Service on Polygon

    March 22, 2023

    US Central Bank’s Fednow Payment Service to Launch in July, Economist Calls Timing ‘Suspicious’

    March 22, 2023
  • DeFi
  • NFT
  • Metaverse
  • Guides
  • Rates
  • Videos

    Crypto Crackdown Hearing!! Here's What's Going On!

    March 22, 2023

    Hottest ZK Crypto Altcoins (What Whales are Buying for Bull Run Gains)

    March 21, 2023

    Surprise XRP PUMP! (CBDCs BANNED Forever)

    March 21, 2023

    Coinbase 🤝 SBF?! #crypto #shiba #shorts #youtubeshorts

    March 21, 2023

    The Next 50x Altcoin – Ethereum’s SECRET Weapon!

    March 21, 2023
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.001.01% 24H
    BITCOIN
    24H : 1.01%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.000.530% 24H
    ETHEREUM
    24H : 0.530%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.000.260% 24H
    TETHER
    24H : 0.260%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-2.27% 24H
    BNB
    24H : -2.27%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.000.330% 24H
    USD COIN
    24H : 0.330%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-1.74% 24H
    XRP
    24H : -1.74%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.005.68% 24H
    CARDANO
    24H : 5.68%
    Volume : $0.00
    Marketcap : $0.00
  • dogecoinDogecoin(DOGE)
    $0.002.90% 24H
    DOGECOIN
    24H : 2.90%
    Volume : $0.00
    Marketcap : $0.00
  • jeet-detector-botJDB(JDB)
    $0.00-0.61% 24H
    JDB
    24H : -0.61%
    Volume : $0.00
    Marketcap : $0.00
  • bitcoinBitcoin(BTC)
    $0.001.01% 24H
    BITCOIN
    24H : 1.01%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.000.530% 24H
    ETHEREUM
    24H : 0.530%
    Volume : $0.00
    Marketcap : $0.00
  • usdex-stablecoinUSDEX(USDEX)
    $0.00-0.47% 24H
    USDEX
    24H : -0.47%
    Volume : $0.00
    Marketcap : $0.00
  • tetherTether(USDT)
    $0.000.260% 24H
    TETHER
    24H : 0.260%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.00-2.27% 24H
    BNB
    24H : -2.27%
    Volume : $0.00
    Marketcap : $0.00
  • usd-coinUSD Coin(USDC)
    $0.000.330% 24H
    USD COIN
    24H : 0.330%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.00-1.74% 24H
    XRP
    24H : -1.74%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.005.68% 24H
    CARDANO
    24H : 5.68%
    Volume : $0.00
    Marketcap : $0.00
  • dogecoinDogecoin(DOGE)
    $0.002.90% 24H
    DOGECOIN
    24H : 2.90%
    Volume : $0.00
    Marketcap : $0.00
ApeWatcher News
Home » US inflation data will be ‘messy’ — 5 things to know in Bitcoin this week
Bitcoin

US inflation data will be ‘messy’ — 5 things to know in Bitcoin this week

Coin TelegraphBy Coin TelegraphJuly 11, 20220 ViewsNo Comments
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin (BTC) starts another week in a precarious position near $20,000 ahead of fresh macro upheaval.

After admittedly sealing its best week’s gains since March, the largest cryptocurrency is struggling to hold onto its recently-reclaimed levels.

Major resistance zones remain overhead, and with inflation data due for release later in the week, the coming days could prove unnerving for risk-assets everywhere.

At the same time, crypto market sentiment is showing signs of recovery, and on-chain metrics continue to underscore what should be Bitcoin’s latest macro price bottom. 

With conflicting data everywhere, Cointelegraph takes a deeper look at potential market moving factors for the week ahead.

200-week moving average causes headaches

At around $20,850, the June 10 weekly close was hardly anything special for BTC/USD, but the pair still managed its best seven days’ growth in several months.

Ending Sunday a full $1,600 higher than its position at the start of the week, Bitcoin thus sealed progress not seen since March.

The success did not last, however, as the hours following the weekly close turned negative. At the time of writing, BTC/USD was targeting $20,400, data from Cointelegraph Markets Pro and TradingView showed.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin’s ability to hold current levels could be key in deciding the mood this Summer, as relief on global equities would provide an opportunity for crypto to erase some of its losses from recent months.

Commentators including trading suite Decentrader thus eyed the weekly chart with interest.

Weekly look on $BTC futures. Current candle is set to close on a bullish engulfing bar above the Moonraker and weekly vwap. Momentum is turning up as well. If stocks continue to turn up and have a summer rally $BTC and crypto should likely follow. https://t.co/tlkrnTsG33

— Decentrader (@decentrader) July 10, 2022

Others were less enthusiastic, noting that BTC/USD had still performed another close below the essential 200-week moving average (WMA) at around $22,500.

In previous bear markets, the 200 WMA acted as a general support level, with Bitcoin wicking below it briefly to put in macro bottoms. This time, however, appears to be different, as $22,500 has been absent from the chart for a month.

#BTC weekly candle has rallied +15% but is still holding resistance under the 200MA for 3 weeks.

Lower time frames are a bit more bullish, indicators are cooling off but markets remain fearful.

Will #Bitcoin break back above the weekly 200MA before the weekly close? pic.twitter.com/NZXbxK8Oi2

— Steve Courtney ~ Crypto Crew University (@CryptoCrewU) July 8, 2022

Zooming out, meanwhile, popular trader TechDev advocated a more optimistic outlook for the rest of 2022.

By the end of the year, he argued at the weekend, a reclaim of further important WMAs should result in Bitcoin ending its “reaccumulation phase” altogether.

“BTC flipping 32-35K likely confirms end of reaccumulation and this year+ correction,” TechDev told Twitter followers.

“Most probable to occur imo once both 100W and 50W EMAs are in this range. 100W currently at 34.8K and 50W at 37.2K.”

Elsewhere, continued asset liquidation from embattled crypto lending platform Celsius added to selling pressure.

Celsius continues to send its remaining cryptoassets to exchanges. Few hours ago, 2,000 wBTC was transferred from the main wallet, and after a series of hops eventually hit Coinbase and Binance.

Remaining key assets:
410k stETH ($479mm)
16k wBTC ($342mm) pic.twitter.com/ae6viYL1Jk

— light (@lightcrypto) July 10, 2022

Relentless dollar is back as Asia markets dip

Asian stocks trended down on July 11 as the start to the macro week was clouded by news of social unrest in China.

As protesters demanded the release of frozen funds amid a scandal involving both banking officials and local authorities accused of abusing COVID-19 tracking apps, markets felt the strain.

At the time of writing, the Shanghai Composite Index traded down 1.5%, while Hong Kong’s Hang Seng was 3.1% lower.

Europe fared somewhat better with modest growth for the FTSE 100 and Germany’s DAX, with the United States still to open.

Prior to Wall Street returning, however, the U.S. dollar index (DXY) was already making fresh strides higher, cancelling out a retracement which had provided a cooler end to last week.

DXY was at 107.4 on July 11, just 0.4 points off twenty-year highs seen days prior.

Analyzing the situation, one analyst at trading firm The Rock described DXY as “about as extreme as it gets” in terms of year-to-date growth.

“Based on the extreme rally so far this year, the DXY is now up 16% year on year,” he wrote.

“This is about as extreme as it gets historically speaking and, unfortunately, it typically coincides with major financial stress in markets, a recession, or both.”

Bitcoin managed to buck its traditional inverse correlation to DXY last week, climbing in tandem with the index.

U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

Inflation tipped to provide “messy week”

If that weren’t enough, the age-old topic of inflation is apt to provide a further test of market resilience this week.

The U.S. Consumer Price Index (CPI) readout for June is due July 13, and expectations are for the monthly figure to be even higher year-on-year.

The higher inflation, and the more it diverges from those already high expectations, the more risk assets tend to react in anticipation of a reaction from policymakers.

For macro analyst Alex Krueger, the likely trajectory for this week is thus clear.

“Going to be messy,” he summarized on Twitter.

Themes this week

#1 CPI Inflation. Consensus is higher: 8.8% yoy, 1.1% mom. My view: comes in even higher, large dip gets bought.

#2 Earnings. Mostly financials this week. Should be OK.

#3 European gas crisis. Exerts downwards pressure on risk and the euro.

Going to be messy. https://t.co/LCmt2GRcHl

— Alex Krüger (@krugermacro) July 10, 2022

CPI, while stripping out many of the leading inflation indicators, even caught the attention of mainstream commentators over the weekend in a grim hint that this week’s figures could put the cat among the pigeons.

“As next week’s US CPI inflation print may get very close to 9%, some will be quick to point out that this measure is backward-looking,” economist Mohamed El-Erian reacted.

“Yes…but it Captures the pain that many are feeling, particularly the less fortunate segments of society; and Influences inflation expectations.”

Any knee-jerk reaction meanwhile could definitively spook Bitcoin markets in line with other risk assets, or at least spark major volatility, as seen during previous CPI events.

MACD hints at price bottom in progress

With multiple Bitcoin price metrics either flashing “bottom” or even hitting all-time lows, the space is not short of signals suggesting a BTC investment at current prices has a historically unrivaled risk/reward ratio.

This week, the latest metric to join the herd is the moving average convergence/divergence (MACD) on the weekly chart.

MACD effectively tracks a chart trend already playing out. It involving subtracting the 26-period exponential moving average (EMA) from the 12-period EMA.

When the resulting value is below zero, Bitcoin tends to be in a bottoming scenario, meaning that the recent trip to $17,600 could be so too should historical norms repeat.

A #Bitcoin capitulation of price, when the weekly MACD is below the zero-line, has always marked the bottom. pic.twitter.com/5U1Q13Ybju

— dave the wave (@davthewave) July 10, 2022

Commentator Matthew Hyland meanwhile noted a similar MACD structure still playing out on the 3-day chart.

“3-Day MACD is still on a bullish cross,” market analyst Kevin Svenson added.

“Despite the pullback, I remain bullish here for the medium term.”

As Cointelegraph reported, Bitcoin’s relative strength index (RSI) is already at its most “oversold” levels in history.

Last week, meanwhile, one trader called July 15 as the key date by which another chart feature will call the bottom, this one composed of two separate MAs.

2-month highs for Crypto Fear & Greed Index

As a modest silver lining, the average crypto investor is slowly getting their confidence back, the latest data suggests.

Related: Top 5 cryptocurrencies to watch this week: BTC, UNI, ICP, AAVE, QNT

Building on previous strength, crypto market sentiment hit its highest levels since early May over the weekend, and is now at 22/100.

While still in “extreme fear” territory, the Crypto Fear & Greed Index’s renaissance provides a clear contrast to the events of the past two months, during which it dipped as low as 8/100 — below even some previous bear market bottoms.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



Read the full article here

Follow us on Google News to get the latest Updates

 
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Arthur Hayes Says Bitcoin Can Shatter $1,000,000 on Vicious Cycle of Fed Money Printing

March 22, 2023

Bitcoin Flashing Remarkable Strength As Adoption Accelerates, Says Analytics Firm Glassnode

March 22, 2023

Traditional banks rely on ‘tiny buffer’: Paris Blockchain Week 2023

March 22, 2023

Tim Draper sings a Bitcoin song dedicated to SVB and world governments: PBW 2023

March 22, 2023

Cathie Wood’s ARK sells Coinbase stock for the first time in 2023

March 22, 2023

The impact of the Credit Suisse bank crisis on the crypto market

March 22, 2023
Add A Comment

Leave A Reply Cancel Reply

Top Articles

Arthur Hayes Says Bitcoin Can Shatter $1,000,000 on Vicious Cycle of Fed Money Printing

March 22, 2023

Blockchain messaging is going to replace Telegram and Discord

March 22, 2023

Unstoppable Domains to Roll Out Web3 Messaging Service on Polygon

March 22, 2023
ApeWatcher News
Twitter Telegram
  • Privacy Policy
  • Sources
  • Terms and Conditions
  • Contact
  • Advertise
© 2023 Ape Watcher News

Type above and press Enter to search. Press Esc to cancel.