Bitcoin Price Focuses on $26K as Traders Brace for CPI Volatility14. Juni 2023
• Bitcoin (BTC) returned above $26,000 on June 13 as analysts eyed resistance overhead.
• Traders noted BTC/USD still holding trend lines and multiple resistance levels to overcome.
• The week centers on the Consumer Price Index (CPI) due June 13, just a day after Federal Reserve chair Jerome Powell’s testimony before Congress.
Bitcoin Returns Above $26K
Bitcoin (BTC) returned above $26,000 on June 13 as analysts eyed resistance overhead. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD attempting to reclaim $26,000 support after the daily close.
Trend Lines Maintained
Traders noted BTC/USD still holding trend lines which could be cause for optimism — specifically, the 21-week and 200-week exponential moving averages (EMAs). Popular trader Crypto Tony wrote in part of the day’s Twitter analysis, considering upside potential should the support flip occur. Meanwhile, the trading suite DecenTrader flagged multiple resistance levels to overcome next. It noted that funding rates were climbing, indicating a potential trend reversal already entering.
Major Macro Week Begins
The week centers on the Consumer Price Index (CPI) due June 13, just a day after Federal Reserve chair Jerome Powell’s testimony before Congress. CPI is expected to deliver fresh insight into inflationary trends in countries around the world — trends which can have major implications for both traditional markets and those involving cryptocurrencies such as Bitcoin itself.
Bitcoin has plenty of resistance levels to deal with as CPI starts a major macro week for risk asset markets. Traders remained uncertain about where prices would move in response to key data points throughout June 13 and beyond.
Bracing for Volatility
Ultimately traders braced for volatility from events such as CPI throughout this major macro week ahead; whether Bitcoin will be able to sustain current levels or continue downwards is yet unclear.