{"id":506293,"date":"2022-10-14T17:00:35","date_gmt":"2022-10-14T17:00:35","guid":{"rendered":"https:\/\/wncen.com\/?p=506293"},"modified":"2024-06-11T08:01:20","modified_gmt":"2024-06-11T08:01:20","slug":"bitcoin-shakes-off-bears-following-cpi-release-but-will-this-last","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-shakes-off-bears-following-cpi-release-but-will-this-last\/","title":{"rendered":"Bitcoin Shakes Off Bears Following CPI Release, But Will This last?"},"content":{"rendered":"<p class=\"p2\">Bitcoin saw a shaky market day following the release of the CPI data. While the projections for the inflation rates were high, they would come out lower than the actual number and the crypto market had responded negatively to the news. Bitcoin had fallen below $19,000 as the market had bled, but there had been a turnaround towards the end of the trading day. The question now remains if the digital asset would be able to hold these gains.<\/p>\n<h2 class=\"p2\">Can Bitcoin Keep Up?<\/h2>\n<p class=\"p2\">Over the last 24 hours, the price of bitcoin has risen more than 6%, bringing it close to the $20,000 resistance level. This level remains hard to beat for the digital asset due to the resistance being mounted at this junction by bears and indicators point to bitcoin not being able to rise above this level.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-adds-another-zero-is-it-time-to-jump-ship\/\">Shiba Inu Adds Another Zero, Is It Time To Jump Ship?<\/a><\/div>\n<p class=\"p2\">Fuad Fatullaev, Co-Founder and CEO at Web3 ecosystem WeWay, explained that bitcoin was already known to react to the CPI data release in such a way. And since there is no expected slowdown in inflation rates in the near future, retail and institutional investors are wary of getting into the market.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p2\">It is likely that inflation will continue to remain above 8% and this will cause the Fed to tighten its policy. The result of this will be a bad market environment for risk assets such as bitcoin. The broader market will likely tank, taking the cryptocurrency market down with it.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/QInXDkam\/\" alt=\"Bitcoin price chart from TradingView.com\" width=\"3284\" height=\"1606\"><\/p>\n<pre style=\"text-align: center\">BTC rebounds to $19,600 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p class=\"p2\">\u201cUnfortunately, the market is still billed to face a significant headwind as inflation is still likely to remain above 8% and this will not deter the FOMC from maintaining its hawkish stance,\u201d Fatullaev told NewsBTC. The CEO further added that the recovery in price does not mean that bitcoin would not see more downside.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/crypto\/why-crypto-market-sentiment-may-present-a-unique-buying-opportunity\/\">Why Crypto Market Sentiment May Present A Unique Buying Opportunity<\/a><\/div>\n<p class=\"p2\">\u201cIt is not yet free from any further negative downswing. As such, more intense negative selling pressure that may be ushered in will definitely depress the price of the asset some more and investors will rather want to stay on the sidelines and will be targeting a perfect entry point after the volatility introduced by the inflation report has subsided.\u201d<\/p>\n<p class=\"p2\">Bitcoin would need to clear its 50-day moving average to establish another bull trend but the resistance at $20,000 will likely make that impossible. Nevertheless, the <a href=\"https:\/\/bitcoinist.com\/bitcoin-market-is-in-full-accumulation-mode\/\" rel=\"nofollow\">accumulation trend<\/a> will provide much-needed momentum for the digital asset if it continues.<\/p>\n<pre style=\"text-align: center\">Featured image from Investor's Business Daily, chart from TradingView.com<\/pre>\n<p><span class=\"s1\"><b><i>Follow <\/i><\/b><a href=\"https:\/\/twitter.com\/BestOwie\" rel=\"nofollow\"><b><i>Best Owie on Twitter<\/i><\/b><\/a><b><i> for market insights, updates, and the occasional funny tweet\u2026<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin saw a shaky market day following the release of the CPI data. While the projections for the inflation rates were high, they would come out lower than the actual number and the crypto market had responded negatively to the news. Bitcoin had fallen below $19,000 as the market had bled, but there had been a turnaround towards the end of the trading day. The question now remains if the digital asset would be able to hold these gains. Can Bitcoin Keep Up? Over the last 24 hours, the price of bitcoin has risen more than 6%, bringing it close to the $20,000 resistance level. This level remains hard to beat for the digital asset due to the resistance being mounted at this junction by bears and indicators point to bitcoin not being able to rise above this level. Related Reading: Shiba Inu Adds Another Zero, Is It Time To Jump Ship? Fuad Fatullaev, Co-Founder and CEO at Web3 ecosystem WeWay, explained that bitcoin was already known to react to the CPI data release in such a way. And since there is no expected slowdown in inflation rates in the near future, retail and institutional investors are wary of getting into the market.\u00a0 It is likely that inflation will continue to remain above 8% and this will cause the Fed to tighten its policy. The result of this will be a bad market environment for risk assets such as bitcoin. The broader market will likely tank, taking the cryptocurrency market down with it. BTC rebounds to $19,600 | Source: BTCUSD on TradingView.com \u201cUnfortunately, the market is still billed to face a significant headwind as inflation is still likely to remain above 8% and this will not deter the FOMC from maintaining its hawkish stance,\u201d Fatullaev told NewsBTC. The CEO further added that the recovery in price does not mean that bitcoin would not see more downside.\u00a0 Related Reading: Why Crypto Market Sentiment May Present A Unique Buying Opportunity \u201cIt is not yet free from any further negative downswing. As such, more intense negative selling pressure that may be ushered in will definitely depress the price of the asset some more and investors will rather want to stay on the sidelines and will be targeting a perfect entry point after the volatility introduced by the inflation report has subsided.\u201d Bitcoin would need to clear its 50-day moving average to establish another bull trend but the resistance at $20,000 will likely make that impossible. Nevertheless, the accumulation trend will provide much-needed momentum for the digital asset if it continues. Featured image from Investor&#8217;s Business Daily, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026<\/p>\n","protected":false},"author":541,"featured_media":506296,"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":[428,679,1119,1144,78790],"class_list":["post-506293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Shakes Off Bears Following CPI Release, But Will This last?<\/title>\n<meta name=\"description\" content=\"Bitcoin saw a shaky market day following the release of the CPI data. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Shakes Off Bears Following CPI Release, But Will This last?","url":"http:\/\/wncen.com\/news\/bitcoin-shakes-off-bears-following-cpi-release-but-will-this-last\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-shakes-off-bears-following-cpi-release-but-will-this-last\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/bitcoin.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/10\/bitcoin.jpeg?fit=1000%2C562"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2022-10-14T17:00:35Z","datePublished":"2022-10-14T17:00:35Z","dateModified":"2024-06-11T08:01:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Shakes Off Bears Following CPI Release, But Will This last?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-shakes-off-bears-following-cpi-release-but-will-this-last\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-shakes-off-bears-following-cpi-release-but-will-this-last\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/bitcoin.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/10\\\/bitcoin.jpeg?fit=1000%2C562\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2022-10-14T17:00:35Z\",\"datePublished\":\"2022-10-14T17:00:35Z\",\"dateModified\":\"2024-06-11T08:01:20Z\"}<\/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\/10\/bitcoin.jpeg?fit=1000%2C562","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/506293"}],"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\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=506293"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/506293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/506296"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=506293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=506293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=506293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}