Hot or not? CPI bets flow in as BTC lines up a charge at $25,000.
The pair remained buoyant after the impact of multiple U.S. bank closures sent crypto marketsNow, all eyes were temporarily on the Consumer Price Index print for February when it came to short-term BTC price action.in inflation abating, this in turn giving rise to fears that the Federal Reserve would keep interest rates higher for longer.
Risk assets had little time to worry, however, as the banking crisis subsequently overshadowed the inflation debate. On the day, expectations already pointed to the Fed abandoning rate hikes altogether — regardless of CPI trends. “Bitcoin sweeping the highs here as it's testing range high at $25K,” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight,“You'd preferably want to see some period of consolidation before continuation. If markets sweep range high at $25.2K, make a bear. div and fall back, I'd be looking for shorts to $23K.”On-chain monitoring resource Material Indicators pointed to a potential shake-up in order book composition thanks to CPI.
Should the data outpace expectations, bid support could “rug,” it warned, opening up the path for a deeper BTC price correction.commented“If CPI is hot, I expect support to rug. If it's cold, and another bank doesn't go under before lunch, a bigger short squeeze.” An accompanying chart from co-founder Keith Alan showed $23,600 and $25,000 as the principal areas of bid and ask liquidity, respectively.Material Indicators added that in order for Bitcoin’s overall rally to have legs, it would need to deliver multiple weekly closes above its 200-week moving average .BTC/USD 1-week candle chart with 200MA. Source: TradingViewLower-than-expected CPI readings would boost the case for the Fed to lay off further rate hikes and loosen finanicial conditions.
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