Bitcoin (BTC<\/a>) fell back in line at the June 12 Wall Street open after a brief macroeconomic data jolt failed to shift the status quo.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD continuing to circle $26,000<\/a>, avoiding major volatility.<\/p>\n The largest cryptocurrency saw a brief spike toward $26,500 on the back of the latest United States Consumer Price Index (CPI) print, which came in below expectations.<\/p>\n While ostensibly a boon to risk assets, crypto markets remained cautious on the day, with comments from the Federal Reserve and further macro prints due in the coming days. <\/p>\n Equities: Full Bull. What a shame lol<\/p>\n \u2014 Crypto Chase (@Crypto_Chase) June 13, 2023<\/a><\/p><\/blockquote>\n Bets on the Fed pausing its rate hike cycle on June 14 after the meeting of the Federal Open Market Committee (FOMC), meanwhile, climbed following the CPI event. At the time of writing, per CME Group\u2019s FedWatch Tool<\/a>, the odds stood at over 90%, having started the day at 75%.<\/p>\n \u201cDisinflation continues!\u201d financial commentator Tedtalksmacro reacted<\/a>. <\/p>\n \u201cHeadline CPI prints at +4.0% YoY, which now takes the 3-month annualised rate to +2.21%. The Fed have long targeted 2.0%. PAUSE.\u201d<\/p><\/blockquote>\n Trading firm QCP Capital likewise believed that \u201cconsensus has it right\u201d \u2014 that the Fed would not raise rates further \u2014 at least this time.<\/p>\n \u201cBased on high frequency indicators, US inflation is falling rapidly, which will enable the FOMC to make this week\u2019s meeting their first pause in more than a year,\u201d it wrote in a market update<\/a> on the day.<\/p>\n QCP acknowledged that subsequent FOMC meetings may yield different results, in order to \u201cappease\u201d more hawkish committee members.<\/p>\n \u201cFurthermore we think the easing of financial conditions as a result of this massive melt-up equity rally will play at the back of their minds,\u201d it added.<\/p>\n Multiple commentators, meanwhile, noted that BTC\/USD had closed the gap in CME Bitcoin futures from the weekend.<\/p>\n Related:\u00a0SEC, CPI and a \u2018strong rebound\u2019 \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n #Bitcoin<\/a> Last weekend’s CME Gap has been closed. pic.twitter.com\/wcathiQPUU<\/a><\/p>\n \u2014 Daan Crypto Trades (@DaanCrypto) June 13, 2023<\/a><\/p><\/blockquote>\n Analyzing what could come next, Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, was torn, nonetheless flagging $25,000 as a potential downside entry point.<\/p>\n CME gap closed of #Bitcoin<\/a>. <\/p>\n Dump into FOMC as FOMC hikes 25bps and then bounce back up as Powell states that they’ll pause or unemployment claims come in higher than expected?<\/p>\n All on the cards as a scenario. <\/p>\n In that case, bidding around $25K makes sense or flip $26.5K<\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) June 13, 2023<\/a><\/p><\/blockquote>\n Data from the Binance order book uploaded to social media by monitoring resource Material Indicators, meanwhile, showed a lack of liquidity near spot price prior to the print, with clearly defined support and resistance.<\/p>\n Here’s how the #BTC<\/a> order book on @binance<\/a> is setup just ahead of the U.S. Economic Reports.<\/p>\n FED watchers want to see inflation numbers continuing to cool. #TradFi<\/a> #Crypto<\/a> #FED<\/a> #FireCharts<\/a> pic.twitter.com\/ShhAO42GxS<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) June 13, 2023<\/a><\/p><\/blockquote>\n \u201cBulls are looking for a boost from the Economic Data coming today and tomorrow to reclaim the range,\u201d part of a prior post commented<\/a> about daily timeframes.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/78e54f4b-015c-4ec5-aa7a-269610a865dd.png\")
Markets expect first Fed pause since 2021<\/h2>\n
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Crypto: Can’t even muster a small pop for us to get short.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/e272621f-b0cd-45db-bd14-2564ed0f235a.png\")
BTC price: Where\u2019s the volatility?<\/h2>\n
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