Bitcoin (BTC) gave up its latest gains into Sept. 11 as the United States Presidential debate disappointed crypto bulls.
Bitcoin sell pressure mounts into CPI print
Data from Cointelegraph Markets Pro and TradingView tracked a $1,000 BTC price decline in a single hour into the daily close, with BTC/USD going on to hit local lows of $56,099 on Bitstamp.
Upside momentum reversed as neither Donald Trump nor Kamala Harris offered fresh inspiration for those seeking commitment to supportive crypto policy.
“The crypto market was also disappointed by the lack of comments related to crypto policy,” trading firm QCP Capital wrote in a response to Telegram channel subscribers.
QCP suggested that a “risk-off move in risk assets” could easily come toward the US Presidential election in November.
In the short term, meanwhile, the significance of the August Consumer Price Index (CPI) print, due later in the day, was already fading.
“With this macro event behind us, attention now turns to tonight's CPI release,” QCP continued.
“The market is expecting CPI to print at 2.55% v 2.9% previously. We find the chances of an upside surprise more likely. However, we anticipate minimal market impact from CPI as the focus has shifted to unemployment data.”
As Cointelegraph reported, recent unemployment figures sparked brief bouts of BTC price volatility, this nonetheless failing to initiate a clear trend in either direction.
“Bitcoin is following the path, expecting a lot of momentum to come after CPI and PPI,” crypto trader, analyst and entrepreneur Michaël van de Poppe reasoned on X.
Van de Poppe suggested that the low-timeframe correction was standard procedure before CPI events.
“Just a regular correction happening currently with CPI coming up. We'll be good if $55-56K holds,” he concluded.
Moving averages cement weeks-long BTC price resistance
Continuing, popular trader Daan Crypto Trades noted a pattern emerging on the 4-hour chart.
Related: Bitcoin speculators repeat 2021 de-risking as exposure drops 21.6K BTC
BTC/USD, he showed, was averse to crossing both the 200-period simple (SMA) and exponential moving average (EMA).
A chart uploaded to X on the day showed these two trend lines at $59,200 and $58,840, respectively.
“Whether $BTC trades above or below these MA's are a good estimate of market strength/weakness,” part of accompanying commentary argued.
“Bulls would want to retake those to get a further bounce going.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
