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Bitcoin Trader Expects $18,000 Return Within Days As Stocks Wither After CPI

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Bitcoin (BTC) near $19,200 after Wall Street opened on Oct. 14 as stocks struggled to maintain a “bear trap”.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Analyst: ‘Abandon all hope’ for asset price recovery

info from Cointelegraph Markets Pro And the TradingView BTC/USD follows as it came Highest level in one week per day for a circuit of $19,300.

Husband saw extreme fluctuations On the back of US economic data the day before, this resulted in hundreds of millions of dollars being liquidated from both long and short positions.

Now, after turning the tables and adding close to $2000 in 24 hours, Bitcoin lost its momentum once again as US stocks turned red on the day.

At the time of writing, the S&P 500 is down 1.9%, while the Nasdaq Composite is down 5.4%.

While investigating the status quo, Alasdair Macleod, head of research at Goldmoney, cited rampant gains in long-term US bonds as a major factor in the pressure the markets are feeling.

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“US experiment bond yields continue to rise,” said hung.

“As long as this is the case, give up all hope of financial asset values.”

The US Dollar Index, the classic headwind maker for risky assets, made a solid advance on the day, surpassing 113.4 before consolidating.

US Dollar Index (DXY) candlestick chart. Source: TradingView

With the release of the Consumer Price Index (CPI) for September, sentiment is now largely skewed towards a 75 basis point rate hike by the Federal Reserve in November.

According to CME Group FedWatch ToolThe odds of a 50-point lower rise were just 2.1% as of Oct 14.

Federal target rate odds chart. Source: CME Group

Meanwhile, MacLeod noted that even with the current strength of the dollar, major global currencies are showing increasing pressures, including Japanese Yen And increasingly the Chinese yuan. The previous pair traded at 34-year lows against the US dollar on the day.

Experts see BTC winning

Planning ahead, Bitcoin analysts continue to favor the downside to regain control of BTC price action in the short term.

Related: Bitcoin Bear Market Will Last ‘Max 2-3 Months’ – Interview with BTC Analyst Philip Swift

Il Capo of Crypto repeat An existing theory involves paying approximately $21,000 before a new aggregate bottom sequence follows.

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Closer to home, Jibon, better known as Trader_J, saw the current highs fade at $20,000 or more, with Journey to the lowest level Nearly $18,000 on the list in the coming days.

Annotated BTC/USD chart. Source: Trader_J / Twitter

For Michael van de Poppe, founder and CEO of Trading Eight, the current spot price was an important streak in the sand.

“Bitcoin collapsed further, through which it is important to maintain the area around $19.4 thousand” is over in a day.

“The area will likely go long. If it holds, then finally we can expect $20.8K and $22.4K.”
Annotated BTC/USD chart. Source: Michaël van de Poppe / Twitter

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.