📈 #bitcoin Pulls Back Ahead of CPI: What's Driving It? 🤔
Bitcoin is seeing a slight pullback, and here's a look at the key factors at play:
* 💰 Profit-taking: Some short-term holders who bought in under $100K are taking profits. The profit/loss ratio hit 1.9, a level that has historically led to 5-10% pullbacks. 📉
* 🌊 Liquidity risk: Spot volumes are down 22%, while derivatives interest is up 40% weekly.
Plus, we've seen $311M in ETF outflows last week.
📉 This mix could signal higher volatility.
* 📊 Macro watch: All eyes are on the CPI report on August 12! A hotter-than-expected print (>3.3% YoY) could delay Fed rate cuts and put pressure on
#bitcoin . A cooler print, however, could be a bullish signal. 🐂
* 📉 Technical view: #BTC is still holding above its 30-day SMA at $117,336.
However, the combination of low spot liquidity and high derivatives interest ($1.92T) means we could see some wild swings. 🎢
* 🔑 Key Level: The $117,517 level (50% Fib) is crucial support. A break below this could see us testing $114,329 (78.6% Fib). 🛡️
What are your thoughts on the current market?
Let us know in the comments! 👇
$BTC #Crypto #MarketAnalysis #CPI
Bitcoin is seeing a slight pullback, and here's a look at the key factors at play:
* 💰 Profit-taking: Some short-term holders who bought in under $100K are taking profits. The profit/loss ratio hit 1.9, a level that has historically led to 5-10% pullbacks. 📉
* 🌊 Liquidity risk: Spot volumes are down 22%, while derivatives interest is up 40% weekly.
Plus, we've seen $311M in ETF outflows last week.
📉 This mix could signal higher volatility.
* 📊 Macro watch: All eyes are on the CPI report on August 12! A hotter-than-expected print (>3.3% YoY) could delay Fed rate cuts and put pressure on
#bitcoin . A cooler print, however, could be a bullish signal. 🐂
* 📉 Technical view: #BTC is still holding above its 30-day SMA at $117,336.
However, the combination of low spot liquidity and high derivatives interest ($1.92T) means we could see some wild swings. 🎢
* 🔑 Key Level: The $117,517 level (50% Fib) is crucial support. A break below this could see us testing $114,329 (78.6% Fib). 🛡️
What are your thoughts on the current market?
Let us know in the comments! 👇
$BTC #Crypto #MarketAnalysis #CPI
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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