{"id":505805,"date":"2022-10-11T16:09:04","date_gmt":"2022-10-11T16:09:04","guid":{"rendered":"https:\/\/wncen.com\/?p=505805"},"modified":"2024-06-11T14:27:22","modified_gmt":"2024-06-11T14:27:22","slug":"no-pivot-in-sight-why-bitcoin-could-see-more-pain-as-inflation-strengthens","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/no-pivot-in-sight-why-bitcoin-could-see-more-pain-as-inflation-strengthens\/","title":{"rendered":"No Pivot In Sight: Why Bitcoin Could See More Pain As Inflation Strengthens"},"content":{"rendered":"

Bitcoin trends lower moving towards the bottom of a range created in July when the cryptocurrency scored a multi-year low at $17,600. Now, BTC seems poised for further losses on low timeframes as macro forces remain in control of global markets. <\/strong><\/p>\n

Related Reading: Avalanche Sits On A Time Bomb As Price Eyes $10, Will Price Escape This?<\/a><\/strong><\/div>\n

At the time of writing, Bitcoin (BTC) trades at $19,000 with a 1% and 3% loss in the last 24 hours and 7 days, respectively. Other cryptocurrencies are following the general sentiment in the market with many giving back their low timeframe profits apart from XRP.<\/p>\n

\"Bitcoin
BTC’s price moving sideways on the 1-hour chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin Trapped Between Global Macro Forces<\/h2>\n

According to trading desk QCP Capital, after the Ethereum \u201cMerge\u201d, the migration from Proof-of-Work (PoS) to a Proof-of-Stake (PoS) consensus, was successfully completed, and the sector lost its final bullish narrative<\/a>. Now, macro factors are the only thing exerting influence.<\/p>\n

Thus, Bitcoin, Ethereum, and other cryptocurrencies are increasing their correlation with traditional assets and moving more and more in tandem with global economic forces. In that sense, the upcoming Consumer Price Index (CPI) print for September might put additional selling pressure on BTC\u2019s price.<\/p>\n

The U.S. Federal Reserve (Fed) is trying to combat the high levels of inflation, as measured by the CPI, by hiking interest rates and reducing its balance sheets. This is causing a negative effect on the value of almost every asset class except for the U.S. dollar. QCP Capital wrote:<\/p>\n

USD continues to remain bid, as real returns on dollar outperforms every other asset class YTD. Commodities and Precious Metals showing grim figures (\u2026). Amalgamation of global macro sentiment has driven correlations across assets back to extremes.\u00a0 BTC correlation with equities and gold (positively correlated) at all-time highs (\u2026).<\/p><\/blockquote>\n

However, their attempts have been futile as inflation is proving resilient and might continue trending upward. The upcoming September CPI print, to be published this next Thursday, will proving more clues into the current macroeconomic situation. QCP Capital said:<\/p>\n

In that regard, all eyes are on the Fed and by extension on CPI print this Thursday, where uncertainty remains high. Sell-side economists are predicting a rise of approximately 0.4% m\/m and 6.5% y\/y in core CPI, carried by strong shelter inflation.<\/p><\/blockquote>\n

If the Fed insists on hiking interest rates, Bitcoin is likely to trend lower in the short term. QCP Capital views the \u201crobust\u201d demand in the U.S. job sectors as potentially negative as it contributes to inflation metrics and encourages the financial institution to maintain financial conditions tights.<\/p>\n

Bitcoin Whales Push BTC Down, Look Out Below?<\/h3>\n

The Fed is already being pressured by U.S. allies to stop their interest rate hike program but to no avail. However, this pressure might contribute to a shift in the financial institution’s stance over the long run.<\/p>\n

In the meantime, as the economic situation remains at extreme levels, Bitcoin\u2019s upside potential will continue to be limited. In short timeframes, data from Material Indicators shows an increase in selling orders from investors (purple in the chart below) with ask orders of between $100,000 to $1 million.<\/p>\n

Related Reading: XRP Takes The Lead Among Altcoins \u2013 Will It Drop Before Climbing?<\/a><\/strong><\/div>\n

As long as this trend continues, any attempts of reclaiming previous levels with result in rejection as have been happening over the past weeks.<\/p>\n

\n

#FireCharts<\/a> CVD shows that historically, Whales (purple) with $100k-$1M market orders have had more influence on #Bitcoin<\/a> price than Mega Whales (brown) with $1M-$10M market orders. Keep that in mind when you are trying to swim with the pod. pic.twitter.com\/eVCqM5UTWo<\/a><\/p>\n

\u2014 Material Indicators (@MI_Algos) October 11, 2022<\/a>\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin trends lower moving towards the bottom of a range created in July when the cryptocurrency scored a multi-year low at $17,600. Now, BTC seems poised for further losses on low timeframes as macro forces remain in control of global markets. Related Reading: Avalanche Sits On A Time Bomb As Price Eyes $10, Will Price Escape This? At the time of writing, Bitcoin (BTC) trades at $19,000 with a 1% and 3% loss in the last 24 hours and 7 days, respectively. Other cryptocurrencies are following the general sentiment in the market with many giving back their low timeframe profits apart from XRP. Bitcoin Trapped Between Global Macro Forces According to trading desk QCP Capital, after the Ethereum \u201cMerge\u201d, the migration from Proof-of-Work (PoS) to a Proof-of-Stake (PoS) consensus, was successfully completed, and the sector lost its final bullish narrative. Now, macro factors are the only thing exerting influence. Thus, Bitcoin, Ethereum, and other cryptocurrencies are increasing their correlation with traditional assets and moving more and more in tandem with global economic forces. In that sense, the upcoming Consumer Price Index (CPI) print for September might put additional selling pressure on BTC\u2019s price. The U.S. Federal Reserve (Fed) is trying to combat the high levels of inflation, as measured by the CPI, by hiking interest rates and reducing its balance sheets. This is causing a negative effect on the value of almost every asset class except for the U.S. dollar. QCP Capital wrote: USD continues to remain bid, as real returns on dollar outperforms every other asset class YTD. Commodities and Precious Metals showing grim figures (\u2026). Amalgamation of global macro sentiment has driven correlations across assets back to extremes.\u00a0 BTC correlation with equities and gold (positively correlated) at all-time highs (\u2026). However, their attempts have been futile as inflation is proving resilient and might continue trending upward. The upcoming September CPI print, to be published this next Thursday, will proving more clues into the current macroeconomic situation. QCP Capital said: In that regard, all eyes are on the Fed and by extension on CPI print this Thursday, where uncertainty remains high. Sell-side economists are predicting a rise of approximately 0.4% m\/m and 6.5% y\/y in core CPI, carried by strong shelter inflation. If the Fed insists on hiking interest rates, Bitcoin is likely to trend lower in the short term. QCP Capital views the \u201crobust\u201d demand in the U.S. job sectors as potentially negative as it contributes to inflation metrics and encourages the financial institution to maintain financial conditions tights. Bitcoin Whales Push BTC Down, Look Out Below? The Fed is already being pressured by U.S. allies to stop their interest rate hike program but to no avail. However, this pressure might contribute to a shift in the financial institution’s stance over the long run. In the meantime, as the economic situation remains at extreme levels, Bitcoin\u2019s upside potential will continue to be limited. In short timeframes, data from Material Indicators shows an increase in selling orders from investors (purple in the chart below) with ask orders of between $100,000 to $1 million. Related Reading: XRP Takes The Lead Among Altcoins \u2013 Will It Drop Before Climbing? As long as this trend continues, any attempts of reclaiming previous levels with result in rejection as have been happening over the past weeks. #FireCharts CVD shows that historically, Whales (purple) with $100k-$1M market orders have had more influence on #Bitcoin price than Mega Whales (brown) with $1M-$10M market orders. Keep that in mind when you are trying to swim with the pod. pic.twitter.com\/eVCqM5UTWo \u2014 Material Indicators (@MI_Algos) October 11, 2022\u00a0<\/p>\n","protected":false},"author":535,"featured_media":503899,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-505805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nNo Pivot In Sight: Bitcoin Could See More Pain As Inflation Spikes<\/title>\n<meta name=\"description\" content=\"Bitcoin trends lower moving towards the bottom of a range created in July when the cryptocurrency scored a multi-year low at $17,600.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"No Pivot In Sight: Why Bitcoin Could See More Pain As Inflation Strengthens","url":"http:\/\/wncen.com\/news\/no-pivot-in-sight-why-bitcoin-could-see-more-pain-as-inflation-strengthens\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/no-pivot-in-sight-why-bitcoin-could-see-more-pain-as-inflation-strengthens\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/pexels-pixabay-315788.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/pexels-pixabay-315788.jpg?fit=1280%2C961"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusdt"],"dateCreated":"2022-10-11T16:09:04Z","datePublished":"2022-10-11T16:09:04Z","dateModified":"2024-06-11T14:27:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"No Pivot In Sight: Why Bitcoin Could See More Pain As Inflation Strengthens\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/no-pivot-in-sight-why-bitcoin-could-see-more-pain-as-inflation-strengthens\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/no-pivot-in-sight-why-bitcoin-could-see-more-pain-as-inflation-strengthens\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/pexels-pixabay-315788.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/pexels-pixabay-315788.jpg?fit=1280%2C961\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2022-10-11T16:09:04Z\",\"datePublished\":\"2022-10-11T16:09:04Z\",\"dateModified\":\"2024-06-11T14:27:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/pexels-pixabay-315788.jpg?fit=1280%2C961","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/505805","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=505805"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/505805\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/503899"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=505805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=505805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=505805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}