{"id":506006,"date":"2022-10-13T11:00:22","date_gmt":"2022-10-13T11:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=506006"},"modified":"2024-06-11T11:14:35","modified_gmt":"2024-06-11T11:14:35","slug":"bitcoin-price-threatened-by-sticky-inflation-cpi-print-to-shed-more-light","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-threatened-by-sticky-inflation-cpi-print-to-shed-more-light\/","title":{"rendered":"Bitcoin Price Threatened By Sticky Inflation, CPI Print To Shed More Light"},"content":{"rendered":"<p><strong>Hovering at a range between $18,800 and $19,500, the Bitcoin price is chopping out short and long positions. The current dynamics in the market have been determined by macro forces leading BTC to extreme as it approaches a major economic event. <\/strong><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-trading-volume-dive-38-september-highs\/\"> Bitcoin Boredom Causes Trading Volume To Dive 38% From September Highs<\/a><\/div>\n<p>The Consumer Price Index (CPI) for September is poised to operate as one of these events. In the past months, these reports, used by the U.S. Federal Reserve (Fed) to benchmark inflation, have been followed by spikes in volatility.<\/p>\n<p>At the time of writing, the Bitcoin price trades at $19,100 with sideways movement in the last 24 hours and a 6% loss in the past week. BTC\u2019s price action has been dragging the crypto market down with it as market participants for digital and traditional assets brace for volatility.<\/p>\n<figure id=\"attachment_506014\" aria-describedby=\"caption-attachment-506014\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-506014 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/Bitcoin-price-BTC-BTCUSDT-2.png?resize=860%2C376\" alt=\"Bitcoin price BTC BTCUSDT\" width=\"860\" height=\"376\"><figcaption id=\"caption-attachment-506014\" class=\"wp-caption-text\">BTC&#8217;s price compressing as volatility declines on the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/9RiOT3fe\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"><strong>BTCUSDT Tradingview<\/strong><\/a><\/figcaption><\/figure>\n<h2>Bitcoin Price Squeeze Incoming? CPI Print Will Be Decisive<\/h2>\n<p>Senior market analyst at Cubic Analytics, Caleb Franzen, <a href=\"https:\/\/twitter.com\/CalebFranzen\/status\/06901505\" target=\"_blank\" rel=\"noopener nofollow\">shared<\/a> his thoughts on the upcoming CPI report. Today, the U.S. government published its Producer Price Index, one of the most important inflation benchmarks in this country.<\/p>\n<p>The PPI has been accelerating, Franzen said, from 6.5% in August to 6.8% in September, beating expectations and hinting at higher inflation reflected by the upcoming CPI print. The PPI is far from its yearly low at 9.2%, but as the analyst said, the upside trend reflects the \u201cstickiness\u201d in inflation and might signal the U.S. Fed to adopt a more aggressive monetary policy.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">PPI Final Demand Services accelerated on a YoY basis in the latest producer price index data.<\/p>\n<p>For Aug.&#8217;22, the YoY change was +6.5%<br \/>\nFor Sept.&#8217;22, the YoY change was +6.8%<\/p>\n<p>It&#8217;s down considerably from the March 2022 peak of +9.2%, but highlights the stickiness &amp; impact of wages. <a href=\"https:\/\/t.co\/zrlzfS3SNT\" rel=\"nofollow\">pic.twitter.com\/zrlzfS3SNT<\/a><\/p>\n<p>\u2014 Caleb Franzen (@CalebFranzen) <a href=\"https:\/\/twitter.com\/CalebFranzen\/status\/41409280?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 12, 2022<\/a><span style=\"color: #333333\">\u00a0<\/span><\/p><\/blockquote>\n<p>In that sense and taking a deeper look into the factors contributing to high inflation, Franzen notes a \u201ctug-of-war\u201d between inflationary and deflationary forces. Overall, the reduction in energy prices, and the dropped in the price of oil and fossil fuels, might turn the tide in favor of mitigating inflation.<\/p>\n<p>But this scenario is currently uncertain, thus influencing the decision of the Fed, which in turn negatively impact the Bitcoin price and the performance of legacy financial assets. This upcoming CPI might reflect this uncertainty, the analyst argued:<\/p>\n<blockquote><p>I expect to see month-over-month CPI be relatively unchanged, almost certainly \u00b10.2%. On a YoY basis, I think +8.0% or greater is near certain; though I expect to see core CPI, median CPI, &amp; trimmed-mean CPI accelerate relative to their August results.<\/p><\/blockquote>\n<h3>Will High Inflation Become The New Normal?<\/h3>\n<p>This could allow the Bitcoin price to experience a relief rally on low timeframes dissipating the current uncertainty in the nascent asset class. If this happens $20,500 is bound to continue operating as critical resistance and short-term headwind.<\/p>\n<p>After the CPI Print, the upcoming Federal Open Market Committee is bound to bring more volatility to the market. As noted by the trading desk QCP Capital, these events have led the Bitcoin price to positive performance.<\/p>\n<p>In the chart below for the BTC\/USD trading pair during the FOMC, there has been a short-term rally followed by major crashes. However, as the market prices in a more hawkish Fed and more inflation, these sudden price action become less powerful.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/litecoin-traders-face-dilemma-ahead-of-breakout-will-price-rally-to-60\/\"> Litecoin Traders Face Dilemma Ahead Of Breakout, Will Price Rally To $60?<\/a><\/div>\n<p>Will BTC finally be able to break out of its current range or will simply see another short-lived rally?<\/p>\n<figure id=\"attachment_506013\" aria-describedby=\"caption-attachment-506013\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-506013 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/10\/Bitcoin-price-BTC-BTCUSDT-chart-2-QCP.jpg?resize=860%2C471\" alt=\"Bitcoin price BTC BTCUSDT chart 2 QCP\" width=\"860\" height=\"471\"><figcaption id=\"caption-attachment-506013\" class=\"wp-caption-text\">Source: QCP Capital via Twitter<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Hovering at a range between $18,800 and $19,500, the Bitcoin price is chopping out short and long positions. The current dynamics in the market have been determined by macro forces leading BTC to extreme as it approaches a major economic event. Related Reading: Bitcoin Boredom Causes Trading Volume To Dive 38% From September Highs The Consumer Price Index (CPI) for September is poised to operate as one of these events. In the past months, these reports, used by the U.S. Federal Reserve (Fed) to benchmark inflation, have been followed by spikes in volatility. At the time of writing, the Bitcoin price trades at $19,100 with sideways movement in the last 24 hours and a 6% loss in the past week. BTC\u2019s price action has been dragging the crypto market down with it as market participants for digital and traditional assets brace for volatility. Bitcoin Price Squeeze Incoming? CPI Print Will Be Decisive Senior market analyst at Cubic Analytics, Caleb Franzen, shared his thoughts on the upcoming CPI report. Today, the U.S. government published its Producer Price Index, one of the most important inflation benchmarks in this country. The PPI has been accelerating, Franzen said, from 6.5% in August to 6.8% in September, beating expectations and hinting at higher inflation reflected by the upcoming CPI print. The PPI is far from its yearly low at 9.2%, but as the analyst said, the upside trend reflects the \u201cstickiness\u201d in inflation and might signal the U.S. Fed to adopt a more aggressive monetary policy. PPI Final Demand Services accelerated on a YoY basis in the latest producer price index data. For Aug.&#8217;22, the YoY change was +6.5% For Sept.&#8217;22, the YoY change was +6.8% It&#8217;s down considerably from the March 2022 peak of +9.2%, but highlights the stickiness &amp; impact of wages. pic.twitter.com\/zrlzfS3SNT \u2014 Caleb Franzen (@CalebFranzen) October 12, 2022\u00a0 In that sense and taking a deeper look into the factors contributing to high inflation, Franzen notes a \u201ctug-of-war\u201d between inflationary and deflationary forces. Overall, the reduction in energy prices, and the dropped in the price of oil and fossil fuels, might turn the tide in favor of mitigating inflation. But this scenario is currently uncertain, thus influencing the decision of the Fed, which in turn negatively impact the Bitcoin price and the performance of legacy financial assets. This upcoming CPI might reflect this uncertainty, the analyst argued: I expect to see month-over-month CPI be relatively unchanged, almost certainly \u00b10.2%. On a YoY basis, I think +8.0% or greater is near certain; though I expect to see core CPI, median CPI, &amp; trimmed-mean CPI accelerate relative to their August results. Will High Inflation Become The New Normal? This could allow the Bitcoin price to experience a relief rally on low timeframes dissipating the current uncertainty in the nascent asset class. If this happens $20,500 is bound to continue operating as critical resistance and short-term headwind. After the CPI Print, the upcoming Federal Open Market Committee is bound to bring more volatility to the market. As noted by the trading desk QCP Capital, these events have led the Bitcoin price to positive performance. In the chart below for the BTC\/USD trading pair during the FOMC, there has been a short-term rally followed by major crashes. However, as the market prices in a more hawkish Fed and more inflation, these sudden price action become less powerful. Related Reading: Litecoin Traders Face Dilemma Ahead Of Breakout, Will Price Rally To $60? Will BTC finally be able to break out of its current range or will simply see another short-lived rally?<\/p>\n","protected":false},"author":535,"featured_media":503749,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,78790],"class_list":["post-506006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Threatened By Inflation, CPI Print To Shed More Light<\/title>\n<meta name=\"description\" content=\"Hovering at a range between $18,800 and $19,500, the Bitcoin price is chopping out short and long positions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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