Bitcoin (BTC) As U.S. inflation signs continue to decline, earnings from Wall Street’s opening shrugged on March 13.
BTC/1 hour chart. Source: Cointelegraph/TradingView
Bitcoin follows stocks lower
From Cointelegraph Markets Pro and TradingView Showing BTC/USD hovered at $81,500, down 2.3% on the day.
Prints for the February Manufacturer Price Index (PPI) are below median expectations, copying the Consumer Price Index (CPI) results Started the day before.
“On an unadjusted basis, the final demand index has increased by 3.2% in the 12 months to February,” Attached news release From the U.S. Bureau of Labor Statistics (BLS).
“In February, the price of final demand goods rose by 0.3%, and the index of final demand services fell by 0.2%.
US PPI changed 1 month. Source: BLS
As seen through the US dollar index (DXY), cooling inflation has become a double tension for crypto and risky assets, and it also occurs with a rebound in the intensity of the dollar.
USD Index (DXY) 1 hour chart. Source: Cointelegraph/TradingView
Still, both stocks and cryptocurrencies remained unchanged, and the leading trade resource was a letter that combined Kobeissi letters with the ongoing U.S. trade war.
“As we have seen, the market has had a very confusing reaction to inflation data, which would have previously dramatically improved the S&P 500.” Latest analysis On X.
“Why is that so? These data provide President Trump with a reason to continue doing what he is currently doing.”
S&P 500 1 hour chart. Source: Cointelegraph/TradingView
Kobeissi explained that traders’ war efforts may now intensify given the slowdown in inflation.
It continues: “That is exactly why the market has not recovered its losses after getting some of the best inflation data in a few months.”
Market expectations for financial easing remained dull a week before the Fed’s next rate decision, with the chance of cutting 1% being just 1% according to CME Group FedWatch Tools. The odds for the Fed’s May meeting were 28%.
Feed the target interest rate probability. Source: CME Group
“The Fed has decided: a stable route, no cut to this FOMC. Powell showed that last week,” said Josh Rager, a popular cryptocurrency trader. Tell X Followers quoted the latest speech from Fed Chairman Jerome Powell earlier this week.
Cut fees? More likely in May/June than in March. ”
BTC price inertia leaves key resistance complete
Therefore, Bitcoin’s price action is sitting between buying and selling between buying and selling orders, while the 200-day simple moving average (SMA) serves as a resistance.
Related: Bitcoin Whale Tips $80K for “market rebound” as binance flows into cool
For Keith Alan, co-founder of trading resource material indicators, this trend line is often backed by a Bitcoin bull market and is the closest important level.
“Bitcoin faces strong resistance on 200-day MA for the fourth consecutive day,” he Summarize On X.
Alan refers to a proprietary trading tool for material indicators, concluding that this recovery was unlikely to be possible on the same day, despite the unexpected catalyst in the form of a U.S. government announcement.
BTC/1 day chart. Source: Keith Alan/X
Meanwhile, data from monitoring resources Small shop The limit for key upward resistance is below $85,000.
BTC clearing heat map (screenshot). Source: Xiaodian
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
