Bitcoin (BTC) continued to fight strong resistance on September 13 as markets braced for inflation numbers in the US.
The “serious” whales present the new BTC hurdl price
Data from Cointelegraph Markets Pro e TradingView
The bulls had attempted to defeat a wall of seller interest in the range just above $ 22,000, proving to be particularly stubborn and leading to a consolidation phase overnight.
The monitoring resource on the Material Indicators chain highlighted the struggle in a screenshot of the Binance BTC / USD book the day before.
– Material indicators (@MI_Algos) September 12, 2022
For the Whalemap analytics platform, meanwhile, it is no wonder that the current range has been a sticking point for the bulls.
“The new area to watch: $ 22,780 – $ 23,400,” the Whalemap team said Twitter followers.
“This is serious BUT it’s the latest within our current 19k – 25k range.”
An accompanying chart showed the extent to which large-volume portfolios had accumulated to varying degrees in the past. Resistance near the spot price was therefore almost guaranteed.
As Cointelegraph reported, these whale activity groups had effectively sealed the most recent BTC price low.
Analyzing the situation further, popular Crypto trader Ed remained confident that a price correction should now come in, but noted that spot buyer’s interest still remained.
– Ed_NL (@Crypto_Ed_NL) September 13, 2022
In a previous update, Crypto Ed had indicated a potential downside target of $ 20,800.
CPI showdown expected in a few hours
For Michaël van de Poppe, CEO and founder of trading company Eight, the day was still all about printing the US Consumer Price Index (CPI) for August.
Related: The Fed, the Merger, and $ 22K BTC: 5 Things to Know About Bitcoin This Week
Ready to confirm the ongoing declining trend in inflation, the CPI promised volatility among risk assets around the disclosure date, which is expected to 8:30 am Eastern time.
“Today is the big day of the ICC. Expectations are that month over month it will be -0.1% and year over year 8.1% “, Van de Poppe explained.
“If it is higher than those numbers, we will likely see a strong negative reaction on risk. If it is lower -> positive reaction. Simple.”
The US dollar index (DXY), a key driver of the decline in risky assets, has stabilized its fall in recent days, attempting to hold 108 as support.
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