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BTC and a Run at $29,000 in the Hands of the US CPI Report
The BTC bulls will be looking on the US CPI Report to regain ground after a fourth straight daily loss. A optimistic indicator would be softer inflation data.
Bitcoin (BTC) lost 0.12% on Tuesday. BTC finished the day at $27,668 after losing 2.75% on Monday. Significantly, BTC extended its losing skid to four sessions and, for the first time since April 23, failed to retest the $28,000 barrier.
BTC increased to a high of $27,846 in the early afternoon following a range-bound morning. BTC dropped to a low point in the late afternoon of $27,383 after failing to pass the First Major Resistance Level (R1) at $28,488. BTC briefly retreated to the $27,800 range before avoiding the First Major Support Level (S1) at $27,111 and continuing to decline.
US CPI Report Panic Put BTC in the Negative
The Tuesday session was unassuming. Investors had nothing to think about in the afternoon as far as US economic statistics go. Since there were no economic indicators, BTC was at the mercy of Fed rumor and market perceptions of US inflation and the Fed.
The opinions of FOMC members were impacted by the topic of inflation. In his remarks on the economy and monetary policy on Tuesday, FOMC Vice Chair John Williams stated, "First of all, we haven't declared we're done hiking rates. We're going to make sure we accomplish our objectives, evaluate the state of our economy, and base our choice on that information.
Williams said that he might raise rates if necessary and did not include a rate drop in his baseline prediction.
Investors were left unoccupied by any crypto-related happenings, which put Bitcoin along with the NASDAQ Composite Index in the red.
The Dow and S&P 500 both saw losses on Tuesday, while the NASDAQ Composite Index dropped by 0.63% and 0.46%, respectively.
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