Will Today's CPI Report Ease Crypto Pressure Post-Debate?
Macro theme:
- Fears of a global recession are weighing on Bitcoin as a risky asset, though the US economy remains on track for steady growth.
- Investor engagement with exchanges has decreased, with lower trading volumes reflecting reduced interest.
- Bitcoin's recent gains were impacted following the first debate between Donald Trump and Kamala Harris, with odds favouring Harris.
- All eyes are now on today's CPI data; if inflation falls as expected, a short squeeze could ease the recent price pressure.
Technical theme:
- From a 4-hour chart perspective, BTCUSD is hovering around EMA21, indicating that the sideways mode persists. EMA21 has not crossed up EMA78 yet to create a complete shift of the current sideways structure despite that BTCUSD broke its previous descending channel.
- If BTCUSD extends its gain beyond 58200, the price may continue to reach the psychology level 60000.
- On the contrary, if BTCUSD breaks below 55660, the price may retest the 54600.
- Fears of a global recession are weighing on Bitcoin as a risky asset, though the US economy remains on track for steady growth.
- Investor engagement with exchanges has decreased, with lower trading volumes reflecting reduced interest.
- Bitcoin's recent gains were impacted following the first debate between Donald Trump and Kamala Harris, with odds favouring Harris.
- All eyes are now on today's CPI data; if inflation falls as expected, a short squeeze could ease the recent price pressure.
Technical theme:
- From a 4-hour chart perspective, BTCUSD is hovering around EMA21, indicating that the sideways mode persists. EMA21 has not crossed up EMA78 yet to create a complete shift of the current sideways structure despite that BTCUSD broke its previous descending channel.
- If BTCUSD extends its gain beyond 58200, the price may continue to reach the psychology level 60000.
- On the contrary, if BTCUSD breaks below 55660, the price may retest the 54600.
I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.