{"id":506096,"date":"2022-10-13T16:04:51","date_gmt":"2022-10-13T16:04:51","guid":{"rendered":"https:\/\/wncen.com\/?p=506096"},"modified":"2024-06-11T14:27:27","modified_gmt":"2024-06-11T14:27:27","slug":"cpi-crushes-bitcoin-price-down-to-17900-new-lows-imminent","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/cpi-crushes-bitcoin-price-down-to-17900-new-lows-imminent\/","title":{"rendered":"CPI Crushes Bitcoin Price Down To $17,900, New Lows Imminent?"},"content":{"rendered":"

Bitcoin lost support at $18,600 and trended lower close to its yearly bottom at $17,900. The cryptocurrency managed to stop the bleeding at these levels, but the general sentiment in the markets seems to have flipped from dubious to fearful. <\/strong><\/p>\n

Related Reading: BTC To See Correction Below $10K, Predicts Midas Touch Consulting Founder<\/a><\/div>\n

At the time of writing, Bitcoin was trading at $18,300 with a 4% loss in the last 24 hours and a 9% loss in the past week, but it has been rebounding over the past hour. Other major cryptocurrencies followed BTC\u2019s price into the abyss and are recording massive losses on low timeframes with Cardano and Solana showing the worst performance.<\/p>\n

\"Bitcoin
BTC’s price experiencing volatility on the daily chart. Source: BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Inflation Yet To Find A Bottom, Will Bitcoin Follow?<\/h2>\n

Data from Material Indicators show a spike in selling pressure from all investors heading into the Consumer Price Index (CPI), the benchmark for inflation in the United States. This metric rose above market expectations printing an 8.2% for the month of September 2022.<\/p>\n

As seen in the chart below, from retail to whales press down on Bitcoin pricing in a new interest rate hike from the U.S. Federal Reserve (Fed). The financial institution has been trying to slow down inflation by increasing rates and reducing its balance sheet.<\/p>\n

\"Bitcoin
Investors selling into the CPI report on low timeframes. Source: Material Indicators<\/figcaption><\/figure>\n

However, today\u2019s CPI print confirms that inflation is sticky and likely not peak in 2022. This reality along with positive economic growth metrics in the U.S. will provide the Fed with the support to continue hiking interest rates negatively impacting Bitcoin, the crypto market, and traditional finances.<\/p>\n

The chart above shows the crypto market\u2019s reaction to an aggressive monetary policy from the Fed, but legacy markets have reacted in a similar way. Commenting on BTC\u2019s price action and inflation, an analyst for Material Indicators said<\/a>:<\/p>\n

Inflation may not have peaked, yet FED rate hikes will continue aggressively. 75 BPS baked in for Nov, 75 BPS likely for Dec TradFi and Crypto markets are Bearish AF THE BOTTOM isn’t in.<\/p><\/blockquote>\n

Additional data provided by Caleb Franzen indicates that the market expects another two consecutive 75 basis points (bps) hikes in the upcoming Federal Open Market Committee (FOMC). As a result, BTC\u2019s price is experiencing high volatility triggered by extreme market sentiment.<\/p>\n

Investors seem to be pricing in a hawkish Fed with fewer and fewer chances of a shift in its direction, despite the massive pressure put on global markets. At the time of writing, $17,600 remains as strong support and $20,500 as critical resistance.<\/p>\n

Related Reading: Crypto Quant Data Hints An Imminent Bitcoin Price Rally, Will It Be Strong?<\/a><\/div>\n

If Bitcoin breaks above or below these levels, traders should expect a new low or a reclaimed in previously lost territory. This pressure on global markets will continue as long as inflation trends to the upside.<\/p>\n

\n

CME futures now pricing in a 95.8% chance that the Federal Reserve raises the target fed funds rate by +0.75%.<\/p>\n

Zero chance of +50bps, with the market repricing a 4.2% chance of +100bps.<\/p>\n

Core CPI continues to accelerate, indicating that underlying measures of inflation are hot. pic.twitter.com\/CqKKebjRR9<\/a><\/p>\n

\u2014 Caleb Franzen (@CalebFranzen) October 13, 2022<\/a>\u00a0<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Bitcoin lost support at $18,600 and trended lower close to its yearly bottom at $17,900. The cryptocurrency managed to stop the bleeding at these levels, but the general sentiment in the markets seems to have flipped from dubious to fearful. Related Reading: BTC To See Correction Below $10K, Predicts Midas Touch Consulting Founder At the time of writing, Bitcoin was trading at $18,300 with a 4% loss in the last 24 hours and a 9% loss in the past week, but it has been rebounding over the past hour. Other major cryptocurrencies followed BTC\u2019s price into the abyss and are recording massive losses on low timeframes with Cardano and Solana showing the worst performance. Inflation Yet To Find A Bottom, Will Bitcoin Follow? Data from Material Indicators show a spike in selling pressure from all investors heading into the Consumer Price Index (CPI), the benchmark for inflation in the United States. This metric rose above market expectations printing an 8.2% for the month of September 2022. As seen in the chart below, from retail to whales press down on Bitcoin pricing in a new interest rate hike from the U.S. Federal Reserve (Fed). The financial institution has been trying to slow down inflation by increasing rates and reducing its balance sheet. However, today\u2019s CPI print confirms that inflation is sticky and likely not peak in 2022. This reality along with positive economic growth metrics in the U.S. will provide the Fed with the support to continue hiking interest rates negatively impacting Bitcoin, the crypto market, and traditional finances. The chart above shows the crypto market\u2019s reaction to an aggressive monetary policy from the Fed, but legacy markets have reacted in a similar way. Commenting on BTC\u2019s price action and inflation, an analyst for Material Indicators said: Inflation may not have peaked, yet FED rate hikes will continue aggressively. 75 BPS baked in for Nov, 75 BPS likely for Dec TradFi and Crypto markets are Bearish AF THE BOTTOM isn’t in. Additional data provided by Caleb Franzen indicates that the market expects another two consecutive 75 basis points (bps) hikes in the upcoming Federal Open Market Committee (FOMC). As a result, BTC\u2019s price is experiencing high volatility triggered by extreme market sentiment. Investors seem to be pricing in a hawkish Fed with fewer and fewer chances of a shift in its direction, despite the massive pressure put on global markets. At the time of writing, $17,600 remains as strong support and $20,500 as critical resistance. Related Reading: Crypto Quant Data Hints An Imminent Bitcoin Price Rally, Will It Be Strong? If Bitcoin breaks above or below these levels, traders should expect a new low or a reclaimed in previously lost territory. This pressure on global markets will continue as long as inflation trends to the upside. CME futures now pricing in a 95.8% chance that the Federal Reserve raises the target fed funds rate by +0.75%. Zero chance of +50bps, with the market repricing a 4.2% chance of +100bps. Core CPI continues to accelerate, indicating that underlying measures of inflation are hot. pic.twitter.com\/CqKKebjRR9 \u2014 Caleb Franzen (@CalebFranzen) October 13, 2022\u00a0<\/p>\n","protected":false},"author":535,"featured_media":504090,"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-506096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\nCPI Crushes Bitcoin Price Down To $17,900, New Lows Imminent?<\/title>\n<meta name=\"description\" content=\"Bitcoin lost support at $18,600 and trended lower close to its yearly bottom at $17,900, the CPI print has triggered volatility in the market\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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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. 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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":"CPI Crushes Bitcoin Price Down To $17,900, New Lows Imminent?","url":"http:\/\/wncen.com\/news\/cpi-crushes-bitcoin-price-down-to-17900-new-lows-imminent\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/cpi-crushes-bitcoin-price-down-to-17900-new-lows-imminent\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/bitcoin-bear.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/09\/bitcoin-bear.jpeg?fit=900%2C500"},"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":"2022-10-13T16:04:51Z","datePublished":"2022-10-13T16:04:51Z","dateModified":"2024-06-11T14:27:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"CPI Crushes Bitcoin Price Down To $17,900, New Lows Imminent?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/cpi-crushes-bitcoin-price-down-to-17900-new-lows-imminent\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/cpi-crushes-bitcoin-price-down-to-17900-new-lows-imminent\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/bitcoin-bear.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/09\\\/bitcoin-bear.jpeg?fit=900%2C500\"},\"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\":\"2022-10-13T16:04:51Z\",\"datePublished\":\"2022-10-13T16:04:51Z\",\"dateModified\":\"2024-06-11T14:27:27Z\"}<\/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\/bitcoin-bear.jpeg?fit=900%2C500","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/506096"}],"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=506096"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/506096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/504090"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=506096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=506096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=506096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}