Bitcoin (Bitcoin) held support at $17,000 until December 10, ahead of a big week of macro data.
CPI printing ‘slows down’ the Fed
data from Cointelegraph Market Pro When TradingView It followed BTC/USD as it traded sideways after Wall Street’s close.
The pair appeared primed for a quiet weekend as all eyes are on the upcoming US inflation data and policy update after December 13th.
Against the backdrop of November’s Producer Price Index (PPI), the results of this month’s Consumer Price Index (CPI) were the center of attention.
as Cointelegraph reporthopes remain that the CPI will signal US inflation continues to fall, spurring renewed strength in risk assets, including crypto.
“My personal expectation is to see a CPI of 7.0-7.2% and a core CPI of 5.9-6.1%, again having a significant impact on the market,” said founder and CEO Michaël van de Poppe. .trading company Eight twitter thread It is a hot topic.
Van de Poppe added that the Federal Open Market Committee (FOMC) meeting of the Federal Reserve Board would meet on December 15 and should it have such an outcome, a similar response should be taken. I was.
“The FOMC will pause and slow down after this event,” he predicted.
Meanwhile, macroeconomist and equity analyst James Choi said: list At the end of the week, of equity market catalysts, including emerging markets and the “endless suppression” of the VIX volatility index.
“Peak US inflation, a weaker dollar and China’s economic reopening create great investment opportunities. China’s real estate ETF $CHIR is up a staggering 80% since November. Unbelievable.” He said Added.
China Excites Bitcoin Bulls
Continuing on China, crypto analyst and trader TechDev outlined potential leading indicators of Bitcoin’s strength in the form of China’s 10-year bond yield and the US Dollar Index (DXY).
Related: Price analysis 12/9: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
It is currently on an uptrend and BTC/USD could benefit from the spot if history repeats itself, he said. Said In one of several Twitter posts this week.
“Few signals are more closely correlated with macro changes in Bitcoin than China’s 10-year yield.” read.
“Local top on major $BTC impulse top. Local CN10Y downtrend broken as 3W RSI crosses 50…starting each of Bitcoin’s three biggest moves of all time.”
The views, thoughts and opinions expressed herein are those of the authors only and do not necessarily reflect or represent the views or opinions of Cointelegraph.
