On September 13, Bitcoin (BTC) continued to face strong resistance in markets prepared for US inflation.
“Heavy” whales present new BTC price hurdle.
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD looking to push through $22,500.
Bulls tried to overcome the wall of selling interest above $22,000, which proved particularly stubborn and led to an overnight consolidation phase.
On-chain tracking tool Material Indicators highlighted the struggle a day ago in a screenshot of the Binance BTC/USD order book.
Let’s see if they are hungry to sue for $13 million #BTC Ask for liquidity.# Fire charts pic.twitter.com/GY3giu7Mh8
– Material Indicators (@MI_Algos) September 12, 2022
For other analytics platform Whalemap, meanwhile, it’s no surprise that the current range is a sticking point for bulls.
“The new position to watch: $22,780 – $23,400,” Whalemap Group They spoke Twitter followers.
“That’s tough but it’s the last one in our current 19k – 25k range.”
The accompanying chart shows how many wallets have accumulated at various levels in the past. The opposition to the spot price was all but confirmed.
As Cointelegraph reports, these clusters of bearish activity have closed the recent BTC price low.
Analyzing the situation further, prominent trader Crypto Ed remains convinced that a price correction should be entered now, but notes that there is spot buyer interest.
#BTC A correction would make perfect sense (small CME gap), but check how the position continues to buy this (white marker). pic.twitter.com/XbXATE8W8I
– Ed_NL (@Crypto_Ed_NL) September 13, 2022
In the previous update, Crypto Ed set a low target of $20,800.
The CPI show ends in hours
For Michael Van de Pop, CEO and founder of Eight Businesses, the day was still August with the publication of the US Consumer Price Index (CPI).
Related: The Fed, merger and $22K BTC – 5 things to know in Bitcoin this week
The CPI, which is set to confirm the ongoing downward trend in inflation, promises volatility in risk assets due at 8:30 a.m. ET.
“Today is a big day for the CPI. It is expected to be -0.1% month-on-month and 8.1% over the year,” van de Popp said. He explained..
“If it’s higher than those numbers, we’ll probably see a negative reaction to risk. If it is low -> positive reaction. simple”
The US Dollar Index (DXY), a key driver of risk asset declines, has continued to decline in recent days, trying to hold 108 as support.
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