+0.34% Bitcoin (BTC) 99221 EUR
+1.07% Ethereum (ETH) 3877.63 EUR
+1.33% Litecoin (LTC) 98.67 EUR
+6.54% B-Cash (BCH) 544.06 EUR
+0.74% Ethereum (ETH) 0.0394405 BTC
+1.22% Litecoin (LTC) 0.00100394 BTC
+6.15% B-Cash (BCH) 0.00548026 BTC
-0.09% Bitcoin (BTC) 118256.7388 USDC
+0.46% USD Coin (USDC) 0.84 EUR
+1.75% Chainlink (LINK) 20.38 EUR
+1.39% Chainlink (LINK) 0.00020487 BTC
+3.83% Dogecoin (DOGE) 0.23 EUR
+3.46% Dogecoin (DOGE) 0.00000239 BTC
+2.65% Uniswap (UNI) 8.16 EUR
+2.39% Uniswap (UNI) 0.00008221 BTC
+2.87% Cardano (ADA) 0.77 EUR
+2.50% Cardano (ADA) 0.00000778 BTC
+1.25% Tron (TRX) 0.29 EUR
+1.02% Tron (TRX) 0.00000297 BTC
+2.41% Shiba Inu (SHIB) 0.00001143 EUR
-1.23% Zcash (ZEC) 43.29 EUR
0.00% Zcash (ZEC) 0.0004242 BTC
0.00% TradeFlow (TFLOW) 0.12216892 BUSD
+3.65% Arbitrum (ARB) 0.5163 USDC
+1.11% Chainlink (LINK) 23.82 USD
+1.26% Chainlink (LINK) 23.76457 USDC
+1.62% Uniswap (UNI) 9.511 USDC
+3.90% Ondo (ONDO) 0.88 EUR
+2.67% Ondo (ONDO) 1.04781 USDC
+4.87% Gala (GALA) 0.01 EUR
+4.46% Gala (GALA) 0.01779 USDC
+22.90% Wormhole Token (W) 0.09 EUR
+21.92% Wormhole Token (W) 0.1096 USDC
+2.61% Chiliz (CHZ) 0.03 EUR
+2.27% Chiliz (CHZ) 0.04276 USDC
+3.11% Sand (SAND) 0.26 EUR
+2.56% Sand (SAND) 0.3087 USDC
+2.33% Aave (AAVE) 258.06 EUR
+1.56% Aave (AAVE) 303.56 USDC
+5.56% Curve DAO (CRV) 0.65 EUR
+5.15% Curve DAO (CRV) 0.7716 USDC
+4.99% Immutable X (IMX) 0.64 EUR
+4.83% Immutable X (IMX) 0.7571 USDC
0.00% Skale (SKL) 0.07 USDC
+6.12% Beam (BEAM) 0 EUR
+3.43% Beam (BEAM) 0.00782 USDC
0.00% Axelar (AXL) 1.05 USDC
+3.25% Livepeer Token (LPT) 5.93 EUR
+2.67% Livepeer Token (LPT) 6.99 USDC
+3.82% Compound (COMP) 38.84 EUR
+3.04% Compound (COMP) 45.69 USDC
+0.21% Coti (COTI) 0.04 EUR
+0.92% Coti (COTI) 0.0544 USDC
0.00% Portal (PORTAL) 1.1 USDC
+4.40% Sushi (SUSHI) 0.68 EUR
+4.24% Sushi (SUSHI) 0.8106 USDC
+4.88% Pepe (PEPE) 0 EUR
+4.49% Pepe (PEPE) 0.0000114 USDC
+5.94% Optimism (OP) 0.68 EUR
0.00% Polygon (MATIC) 0.2 EUR
+5.34% Solana (SOL) 208.1 EUR
+4.99% Solana (SOL) 0.0021079 BTC
+2.38% Solana (SOL) 0.053414 ETH
+0.17% USD Coin (USDC) 0.73 GBP
0.00% USD Coin (USDC) 1 USDT
0.00% USD Coin (USDC) 145.58 JPY
+100.00% USD Coin (USDC) 4.25 PLN
+100.00% USD Coin (USDC) 10.93 SEK

Bitcoin price returns to $22K despite 'least volatile' US CPI reaction

02-14-2023

Five-day highs for BTC price come within a narrow trading range as U.S. inflation broadly conforms to expectations.

Bitcoin  BTC

tickers down$22,100  ticked above $22,000 after the Feb. 14 Wall Street open as crucial United States inflation data delivered “mixed” results.

BTC price hits 5-day highs on CPI

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it tested multi-week lows twice on hourly timeframes before reversing upward.

The pair saw flash volatility in line with predictions as January’s Consumer Price Index (CPI) numbers hit, something repeated at the start of trading on Wall Street.

Still within a tight trading range, however, Bitcoin’s reaction was in fact fairly muted, with up and down moves only involving several hundred dollars at a time.

That reflected the CPI data itself, which broadly conformed to market expectations. A moderate exception was year-on-year, which ran “hot” at 0.2% above the envisaged 6.2%.

“US inflation mixed,” markets commentator Holger Zschaepitz wrote in part of a social media reaction.

Crypto circles also noted the lack of panic, which accompanied crypto markets’ reaction.

“This looks to be one of the least volatile market reactions to US CPI since 2022,” Investment research resource Game of Trades commented.

With few cues coming from macro, Bitcoin traders thus looked to potential range highs and lows to determine future short-term price action.

“Tight daily range at the moment,” Crypto Chase summarized alongside an explanatory chart.

“I think we eventually interact with both red box and liquidity below. I'd be watching for shorts from red box and for longs after sweeping 20.3K liquidity.”

Fellow trader Skew added that whales had reduced long BTC exposure following the print.

Prior to that, monitoring resource Material Indicators had revealed whales setting up what it likened to a trap for retail investors.

DXY forms ongoing focus

On equities, a similarly lackluster response to CPI saw the S&P 500 and Nasdaq Composite Index both open flat.

The U.S. dollar index (DXY), a keen focus for some in the run-up to a week of macro data releases, briefly spiked above 103.5 before returning to base.

"I said to keep an eye on DXY. It almost hit the green box and bounced. In case it starts moving higher, bearish for crypto imo," popular trader Crypto Ed wrote in part of his latest Twitter updates.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Source: Cointelegraph.