{"id":25501,"date":"2022-08-10T07:06:15","date_gmt":"2022-08-10T07:06:15","guid":{"rendered":"https:\/\/egrowonline.com\/?p=25501"},"modified":"2022-08-10T07:06:15","modified_gmt":"2022-08-10T07:06:15","slug":"bitcoin-btc-falls-ahead-of-inflation-data-return-to-prosperous-levels-seems-unlikely","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=25501","title":{"rendered":"Bitcoin (BTC) Falls Ahead Of Inflation Data, Return To ‘Prosperous’ Levels Seems Unlikely"},"content":{"rendered":"


\n<\/p>\n

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The global cryptocurrency market cap fell 2.7% to $1.09 trillion on Tuesday evening as investors awaited key consumer price index data.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

<\/p>\n

Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC\/USD<\/span><\/td>\n

<\/p>\n

-3%<\/td>\n

<\/p>\n

0.5%<\/td>\n

<\/p>\n

$23,113.15<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH\/USD<\/span><\/td>\n

<\/p>\n

-4.5%<\/td>\n

<\/p>\n

4.1%<\/td>\n

<\/p>\n

$1,698.57<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DOGE\/USD<\/span><\/td>\n

<\/p>\n

-1.1%<\/td>\n

<\/p>\n

3.45%<\/td>\n

<\/p>\n

$0.07<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n

<\/p>\n

Cryptocurrency<\/th>\n

<\/p>\n

24-Hour % Change (+\/-)<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Celsius<\/strong> (CEL)<\/td>\n

<\/p>\n

+5.7%<\/td>\n

<\/p>\n

$0.95<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Nexo<\/strong> (NEXO)<\/td>\n

<\/p>\n

+5.2%<\/td>\n

<\/p>\n

$0.82<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

UNUS SED LEO<\/strong> (LEO)<\/td>\n

<\/p>\n

+3.7%<\/td>\n

<\/p>\n

\u200b\u200b$4.96<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also: <\/em>How To Get Free Crypto<\/em><\/a><\/p>\n

Why It Matters: <\/strong>Bitcoin and Ethereum traded in the red at press time as the cryptocurrency rally cooled. Stock futures were flat at press time.<\/p>\n

Cryptocurrencies have recently seen a correlation with tech stocks, and those exhibited weakness on Tuesday after a major chip firm delivered a revenue warning. Stock investors exercised caution<\/a> ahead of Wednesday\u2019s inflation number release.<\/p>\n

\u201cBitcoin\u2019s rally is stalling as crypto traders need to see what happens with tomorrow\u2019s inflation report,\u201d said Edward Moya<\/strong>, a senior market analyst, in a note seen by Benzinga.<\/p>\n

\u201cInflation is what killed Bitcoin late last year and if pricing pressures are showing significant signs of easing, Bitcoin might be able to burst above its recent trading range.\u201d<\/p>\n

Cryptocurrency trader Micha\u00ebl van de Poppe<\/strong> tweeted that Bitcoin\u2019s trend is upwards but a correction is taking place due to CPI fears. If the coin holds above the $21,300 mark it could continue to trend and if it breaks above $24,500 it could continue on to $28,000.<\/p>\n

<\/p>\n

Well, #Bitcoin<\/a> is consolidating here and I hear the craziest numbers flying around.<\/p>\n

The trend is still upwards, potentially a correction now is taking place due to CPI fears.<\/p>\n

Important:

\n\ufffd Hold above $21.3K to continue the trend.

\n\ufffd Break above $24.5K to continue to $28K. pic.twitter.com\/PVG3RDOrjg<\/a><\/p>\n


\n\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) August 9, 2022<\/a><\/p><\/blockquote>\n

The apex coin has flipped support as on Monday\u2019s close at $23,450. Last time it did so in 2021, Bitcoin rallied 26%, said Justin Bennett.\u00a0<\/strong><\/p>\n

<\/p>\n

$BTC<\/a> with a potentially significant close on Monday. $23,450 just flipped to support.#Bitcoin<\/a> rallied 26% the last time it reclaimed this level in 2021.<\/p>\n

Inflation data on Wednesday and Thursday, so expect volatility. https:\/\/t.co\/ITOgUZNyx7<\/a> pic.twitter.com\/q0bMUypUYR<\/a><\/p>\n


\n\u2014 Justin Bennett (@JustinBennettFX) August 9, 2022<\/a><\/p><\/blockquote>\n

\u201c\u200b\u200bInflation data on Wednesday and Thursday, so expect volatility,\u201d said the trader.<\/p>\n

Trader projections aside, the community doesn\u2019t believe that Bitcoin and other coins will continue rising back to \u201c prosperous levels\u201d according to sell hashtag mentions on Twitter, Reddit and Discord, said Santiment<\/strong>.\u00a0<\/p>\n

<\/p>\n

The #crypto<\/a> community don’t appear to believe in #Bitcoin<\/a> and other assets continuing to rise back to prosperous levels, according to the frequency of #sell<\/a> mentions on #Twitter<\/a>, #Reddit<\/a>, and #Discord<\/a>. The spike in sell interest has hit a 2-month high. https:\/\/t.co\/t5NR24tJCf<\/a> pic.twitter.com\/ZIY97nqx7o<\/a><\/p>\n


\n\u2014 Santiment (@santimentfeed) August 9, 2022<\/a><\/p><\/blockquote>\n

The on-chain and social analysis platform said the spike in sell interest has hit a 2-month high.\u00a0<\/p>\n

Ahead of the Ethereum merge, scheduled for mid September, traders are long \u2014 as reflected through options activity for that month, however the situation changes thereafter, according to Glassnode.\u00a0<\/p>\n

Ethereum Options Open Interest (Deribit) By Strike ETH \u2014 Courtesy Glassnode<\/strong><\/p>\n

\u201cBoth futures and options market are in backwardation after September, suggesting traders are expecting the Merge<\/a> to be a ‘buy the rumor, sell the news’ style event, and have positioned accordingly,\u201d said the on-chain analysis firm in a weekly blog post. Backwardation refers to a situation where the spot price of an asset is higher than its forward price.<\/p>\n

Ethereum Options’ Implied Volatility \u2014 Courtesy Glassnode<\/em><\/p>\n

Glassnode noted that call options dwarf put options for size and traders are better on Ethereum prices above $2,200 with considerable open interest even at the $5,000 level. However, this changes in October and the dramatic decline is visible on the right tail, which suggests there is lower demand for ETH exposure through options after the Merge concludes.<\/p>\n

Read Next: <\/em>JP Mogan Says Crypto Markets ‘Have Found A Floor’: Why Bitcoin, Ethereum May Have Bottomed<\/em><\/a><\/p>\n<\/div>\n


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The global cryptocurrency market cap fell 2.7% to $1.09 trillion on Tuesday evening as investors awaited key consumer price index data. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC\/USD -3% 0.5% $23,113.15 Ethereum ETH\/USD […]<\/p>\n","protected":false},"author":1,"featured_media":25502,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[1386,50,194,21,897,927,977,3938,401],"class_list":["post-25501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-ahead","tag-bitcoin","tag-btc","tag-data","tag-falls","tag-inflation","tag-levels","tag-prosperous","tag-return"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/shutterstock_1026472816.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25501"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25501\/revisions"}],"predecessor-version":[{"id":25503,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/25501\/revisions\/25503"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/25502"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25501"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}