Ah, Bitcoin (BTC), that delightful digital currency that seems to have more ups and downs than a particularly indecisive kangaroo. On the 12th of March, it experienced a classic Wall Street sell-off, as if the bears had decided to throw a party and forgot to send out the invitations. Meanwhile, the US inflation figures decided to play nice for a change, but not before the bears could have their fun. 🐻💰
BTC price reverses at key bull market trendline
According to the ever-reliable seers at CryptoMoon Markets Pro and TradingView, BTC/USD reached a dizzying height of $84,437 on Bitstamp, only to reverse faster than a cat when it sees a cucumber. The January print of the US Consumer Price Index (CPI) came in at a surprisingly low 2.8%, which is like finding a unicorn in your backyard—unexpected but not unwelcome.
“Core CPI inflation FALLS to 3.1%, below expectations of 3.2%,” chimed in the trading resource known as The Kobeissi Letter, as if they were announcing the winner of a particularly thrilling pie-eating contest.
“This marks the first decline in both Headline and Core CPI since July 2024. Inflation is cooling down in the US.”
But alas, the good news was as fleeting as a politician’s promise, as Wall Street trading kicked off with the kind of selling pressure that could make a seasoned bear weep. Bitcoin plummeted to $82,400, circling the daily open like a confused pigeon.
In his latest market musings, the ever-optimistic trader and analyst Rekt Capital suggested that there might be a glimmer of hope for BTC’s price performance. “The latest Bitcoin Daily Close means that price has begun the process of exiting its recently filled CME Gap after turning it into support,” he told his followers on X, referring to the mysterious world of CME Group’s Bitcoin futures—where the only thing more volatile than the prices is the coffee.
“Any dips into the top of the CME Gap would constitute a post-breakout retest attempt to fully confirm the exit from this CME Gap. Initial signs of that retest occurring already.”
Meanwhile, fellow trader Daan Crypto Trades was busy analyzing the 200-day simple and exponential moving averages (SMA/EMA)—the classic bull market support trendlines that are as reliable as your grandmother’s advice on how to avoid bad relationships. “Bulls got work to do here to get back above the Daily 200MA/EMA. Last year we had the same thing and price chopped around these levels for 3+ months,” he noted, probably while sipping a cup of herbal tea.
Bitcoin ETF outflows point to “growing caution”
Continuing on the macro theme, trading firm QCP Capital suggested that the day’s CPI print could weigh on the Federal Reserve’s interest rates decision next week, like a particularly heavy elephant sitting on a seesaw.
“With inflation concerns lingering and macro risks mounting, the CPI print will be a key determinant of whether the disinflationary trend will hold, or volatility intensifies in the near term,” they wrote in their latest “Asia Color” market update, which sounds like a very fancy way to say “we’re not sure what’s going to happen next.”
QCP saw $82,000 solidifying as support, while institutional investor trends warranted caution, like a cat eyeing a bath. “Meanwhile, Bitcoin ETFs saw a significant net outflow of $153.87 million, led by Grayscale’s Bitcoin Trust (GBTC), which recently offloaded 641 BTC, valued at $56.45 million,” they concluded, referencing netflows from the US spot Bitcoin exchange-tr
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2025-03-12 17:49