Ah, the drama that unfolds on the Wall Street stage! Bitcoin, that most mercurial of cryptocurrencies, finds itself entangled in a bitter battle with the behemoth of US inflation pressures. As the February 13th curtain opens, macroeconomic data takes center stage, and the bulls are left to ponder the plot twist.
Bitcoin’s Sell Pressure: A Tempest in a Teapot?
Meanwhile, the clever folks at CryptoMoon Markets Pro and TradingView are busy analyzing the January Producer Price Index (PPI) print, which, much like a Shakespearean villain, has emerged to foil the bulls’ plans. The PPI, that scoundrel, has beaten expectations, leaving the bulls to cry, “Foul play!”
And the numbers, dear friends? A paltry 0.4% and 3.5% month-on-month and year-on-year, respectively. The anticipation, much like a debutante’s ball, had been for a more modest 0.3% and 3.2%. Ah, the disappointment!
The Federal Reserve, that bastion of fiscal responsibility, remains unmoved, with the CME Group’s FedWatch Tool predicting a mere 2.5% chance of a 0.25% cut at the next meeting in March. The markets, much like a jilted lover, are left to ponder the what-ifs.
And now, dear friends, the popular trader Skew takes the stage, regaling us with tales of a struggle between buyers and sellers on the grand exchange of Binance. “Likely the same buyer from earlier has bought into this sell pressure,” he declares, with all the drama of a Shakespearean soliloquy.
“Market is net positioned for lower so if the market is to move up here we want to see supportive flows.”
Skew, that wily wordsmith, describes the overall sell-side pressure as “currently not significant.” Ah, but the plot thickens! “Sell volume longs still puking under price pressure,” he reports, with all the flair of a Victorian melodrama.
And now, dear friends, the data from CoinGlass takes center stage, revealing strengthening buyer liquidity around $95,000, with $97,000 forming the nearest band of resistance. Ah, the intrigue!
Looking to the upside, that dashing trader Castillo Trading predicts an eventual retest of the area around $104,000 — the point of control, or PoC, on the BitMEX Bitcoin futures market. “Patience for high probability setups during this chop,” he advises, with all the wisdom of a seasoned thespian.
Crypto’s Eyes on Trump
And now, dear friends, the spotlight turns to US President Donald Trump, that master of the dramatic flourish. Trading firm QCP Capital argues that market momentum will depend on how Trump reacts to the resurgent inflation markers. Ah, the suspense!
“Looking at the bigger picture, the market is likely waiting for Trump’s reaction to the higher CPI print,” it writes, with all the drama of a Greek tragedy. “Will he continue to argue that the Fed should cut rates further this year, or will he give them the leeway to remain data-dependent?”
“With his soft-landing legacy at stake, we expect Fed Chair Powell to remain conservative and maintain his stance of being data-dependent before moving to cut rates.”
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2025-02-13 18:57