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Cryptogambling / Bitcoin Bulls Eye $28K Push as Price Volatility Intensifies

Bitcoin Bulls Eye $28K Push as Price Volatility Intensifies

Publish Date: 10/05/2023
Key Points
  • Analysts expect inflation to decline gradually and steeply in the coming months, which may have an impact on BTC price fluctuations.
  • Binance traders increase spot selling amid crypto market volatility and "FUD" fallout.
  • Material Indicators sees liquidity shifting within the order book and wonders if buy/sell barriers will insulate support and resistance or if parts of the order book will be removed for volatility.

 

The crypto community is betting on a likely BTC price reaction to the latest CPI print as data from the print seems to be favouring inflation in the coming months.

Today, data from trading view tracked Bitcoin at $27,500 as the market geared up for what should be called a positive United States inflation print.

Data also shows that ahead of Consumer Price INDEX (CPI), BTC/USD lingers in a narrow trading range.

According to a financial commentator, Tedtalkmacro, in a Youtube analysis on May 9, said that;

“A little bit of stagnation now, but into the coming two to three months, we’re likely to see a gradual decline, and actually a pretty steep decline, in inflation.”

Video: Data Says That Inflation Is Headed Lower (Impact on Bitcoin / Gold / Stocks)

Data Says That Inflation Is Headed Lower (Impact on Bitcoin / Gold / Stocks)

Although, the next shift is a full month away, measures from the public and private sectors indicate that lowering inflation will continue and maybe pick up speed in the coming months.

Meanwhile, in addition to the probabilities, according to JPMorgan Chase, Tedtalksmacro additionally displayed prospective BTC price fluctuations in relation to various conceivable CPI values.

tedtalksmacro
2023-05-10 12:56
CPI gameplan for #Bitcoin Above 5.5% –> $25,000 (4% probability) 5.3% to 5.5%–> $26,500 (25% probability) 5.0% to 5.2% –> $28,500 (50% probability) 4.7% to 4.9% –> $29,000 (20% probability) 4.5% or lower –> $30,000+ (1% probability) *Probabilities according to JPMorgan
817 82

According to CME Group’s FedWatch Tool, market expectations for the Fed to pause its interest rate hikes to tame inflation in June stood at 74% at the time of writing.

Binance Traders Increase Spot Selling as Crypto Market Volatility Persists

Regarding short-term BTC price movement, the lingering effects of the Binance “FUD” fiasco earlier in the week prevented Bitcoin bulls from regaining levels near $30,000.

According to a monitoring site Skew, the market is “overly saturated with shorts.” Skew also noted that market makers continue to sell into little price increases.

Part of the Twitter commentary stated that “Binance spot is the market selling aggregator today”.

Skew Δ
2023-05-10 12:56
$BTC Spot CVD Buckets & Delta Orders Still very much the same, daily vwap illustrates when MMs are twap selling into price via small spot orders / MM spot orders & TWAP CVD / MM CVD Bounces still being sold by MMs. Binance spot is the market selling aggressor today https://t.co/hwVw1YJcqm https://t.co/k02hc5qCDL
189 24

Supporting Skew’s submission, Material Indicators said that they are expecting to see liquidity moving around the order book between now and the morning economic reports”

This was tweeted after the company noticed a little increase below the $26,000 mark on the Binance BTC/USD order book.

Material Indicators
2023-05-10 12:56
#FireCharts 2.0 (beta) reveals more #BTC bid liquidity coming in to the lower end of the range. Expecting to see liquidity moving around the order book between now and the morning economic reports. The question is, will some of what’s there now get cleared out and make way for… https://t.co/7J9X8qM4B2 https://t.co/UWHAWW8oak
91 7

The question many people are asking is “Will part of what is currently there be removed to make room for volatility or will buy and sell barriers be built to insulate local support and resistance?”

What Does This Mean to the Crypto Community?

The debate and speculations about the future of crypto and other assets amount to investors and traders alike doubting their investment strategies. The increase in spot selling by Binance traders further reiterates the volatility in the crypto market.

This development raises questions about the potential impact on the cryptocurrency market in the coming weeks and months. With the looming economic reports, investors are wondering whether the existing buy and sell barriers will be built to insulate local support and resistance, or if they will be removed to make room for volatility.

While some analysts predict a gradual decline and steep decline in inflation over the coming months, others believe that it will persist, leading to further market instability.

At this point, it is imperative to consider various options that might be available to make better investment options. therefore, if you are an investor or trader, stay glued to your screen and ears to the social media walls so as to be abreast of happening in the space.

Conclusion

The recent increase in spot selling by Binance traders is a reflection of the current volatility and uncertainty in the cryptocurrency market. As the market awaits economic reports and debates around inflation continue, investors must remain vigilant and informed to make sound investment decisions. The market will continue to shift, and only those who stay ahead of the curve will reap the benefits of this exciting and unpredictable asset class.

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