BTC Price Hits 5-Day High In Tight Trading Range As US Inflation Is Roughly In Line With Forecast
Mark above $22,000 after February 14 Wall Street open as key US inflation data gives ‘mixed’ results
BTC price hit a 5-day CPI high
Data from Cointelegraph Markets Pro and TradingView are tracking BTC/USD as it tests multi-week lows twice in the hourly time frame before reversing.
The pair saw sharp volatility in line with expectations as January’s Consumer Price Index (CPI) hit the mark. This happened time and time again in the early days of trading on Wall Street.
However, still in limited trading range, Bitcoin’s reaction was rather muted. There are only up and down moves involving hundreds of dollars at a time.
This reflects CPI data that is in line with broad market expectations. A slight exception was a “hot” year-on-year 0.2%, above the expected 6.2%.
“US inflation is mixed,” market commentator Holger Zschaepitz wrote in part in response on social media.
The lack of panic has also been noticed by the crypto community. Which comes with the reaction of the crypto market.
“This appears to be one of the least volatile market reactions to US CPI since 2022,” commented Game of Trades investment research.
With so few signals coming from macros, Bitcoin traders look for possible highs and lows to determine future short-term price movements.
“Narrow daily range right now,” Crypto Chase concluded next to an explanatory chart.
“I think we ended up interacting with both the red box and the liquidity below. I will be looking short from the red box and long after 20.3k liquidity.”
Fellow trader Skew adds that whales have reduced exposure to BTC long after printing.
Earlier, tracking the raw material indicators revealed that the whales were creating a trap for small investors.
DXY creates constant focus.
In stocks, similarly lackluster responses to CPI kept the S&P 500 and Nasdaq Composite wide open.
Related: First Weekly Death Cross – 5 Things to Know in Bitcoin This Week
The U.S. Dollar Index (DXY) has been the focus of some people on macro releases for a week or more. It briefly jumped above 103.5 before returning to base.
“I said watch out for DXY, it almost hits the green field and bounces off. in case it starts moving higher It’s a bear market for crypto imo,” popular trader Crypto Ed wrote in part of his latest Twitter update.