As markets got ready for important macro news, bitcoin started on Thursday with its typical oscillation around $19,000, as reported by Cointelegraph.
According to Cointelegraph, with just hours until the release of the September Consumer Price Index (CPI) print in the United States, data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was in danger of declining at the time of writing.
According to a Bloomberg survey, core inflation was predicted to be 6.5% year-over-year, which was expected to rattle the risk asset markets by suggesting a potential reversal of recently decreasing inflation statistics. The CPI was projected to decline slightly to 8.1% from previous rises of 8.3% year over year, Cointelegraph noted.
Cointelegraph further noted that CPI events, which are known for being sources of volatility, frequently cause unexpected short-term price swings in both the up and down directions. These sometimes reverse several times to ensnare opportunistic speculative bets. Data source Material Indicators, which analyses market composition, observed Binance whales’ rising demands after Producer Price Index (PPI) figures that were higher than anticipated the day before.
“Whales are trying to fill bids by depressing the price with about $20 million in asks. PPI was hotter than anticipated. CPI and Jobless Report tomorrow at 8:30 am ET. Things are about to get spicy,” it summarised.
(With insights from Cointelegraph)
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