{"id":12625,"date":"2023-07-12T11:27:57","date_gmt":"2023-07-12T11:27:57","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12625"},"modified":"2023-07-12T11:27:58","modified_gmt":"2023-07-12T11:27:58","slug":"bitcoin-trader-eyes-btc-price-darth-maul-candle-as-cpi-due-2-year-low","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12625","title":{"rendered":"Bitcoin trader eyes BTC price &#8216;Darth Maul candle&#8217; as CPI due 2-year low"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) eased higher into July 12 with the key macroeconomic event of the week just hours away.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>CPI set to hit lowest since March 2021<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC price momentum as it slowly inched closer to $31,000.<\/p>\n<p>The largest cryptocurrency showed little volatility through the start of the week, with local range highs and lows still clearly defined.<\/p>\n<p lang=\"en\" dir=\"ltr\">#FireCharts shows #Bitcoin ask liquidity moving closer to the active trading zone, while bid support strengthens.<\/p>\n<p>Expecting to see liquidity thinned out in the heart of the active trading range between now and Wed morning to clear the way for volatility around the #CPI report.\u2026 pic.twitter.com\/T4VoXd1CaD<\/p>\n<p>\u2014 Material Indicators (@MI_Algos) July 11, 2023<\/p>\n<p>With liquidity tight around spot price, analysts hoped for a reshuffle upon the release of the June print of the United States Consumer Price Index (CPI).<\/p>\n<p>Roughly expected at around 3.2% \u2014 the lowest score since March 2021 \u2014 CPI should show U.S. inflation continuing to slow down.<\/p>\n<p>\u201cThe Cleveland Fed, University of Michigan + Truflation all anticipating a similar number,\u201d financial commentator Tedtalksmacro noted in part of the day\u2019s analysis.<\/p>\n<p><em>U.S. inflation chart. Source: Tedtalksmacro\/Twitter<\/em><\/p>\n<p>Traders acknowledged that flash volatility could prove deceptive, as Bitcoin tends to decide on trajectory somewhat after the data release.<\/p>\n<p>\u201cThere&#8217;s a good chance we see the usual \u2018Darth Maul\u2019 candle where both low timeframe highs &amp; lows are taken out shortly after CPI,\u201d Daan Crypto Trades explained.<\/p>\n<p>\u201cFrom there on out the real direction for the day is often chosen which could then target the 31.1K or 30.2K level imo.\u201d<em>BTC\/USD annotated chart. Source: Daan Crypto Trades\/Twitter<\/em><\/p>\n<p>&#8220;The previous 4 CPI data releases have all followed a very similar pattern for Bitcoin,&#8221; trading suite Decentrader added on the day. <\/p>\n<p>&#8220;Volatility both ways to liquidate everyone, then price reverts back to where it was immediately prior to CPI release.&#8221;<\/p>\n<h2>Bitcoin &#8220;looking good&#8221; for copycat bull run move<\/h2>\n<p>On longer timeframes, popular trader Moustache considered the chances of a repeat performance of classic bull runs.<\/p>\n<p><strong><em>Related:\u00a0CPI meets low BTC supply \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>The BTC\/USD monthly chart, he noted this week, is in the process of breaking out above its 20-period simple moving average (SMA).<\/p>\n<p>&#8220;Every time BTC made a monthly close ABOVE the SMA 20 line, it was the ultimate confirmation of a bull run. For the following 2 years it never again went below this line (except covid crash),&#8221; he commented, adding that the current situation was &#8220;looking good.&#8221;<\/p>\n<p><em>BTC\/USD annotated chart. Source: Moustache\/Twitter<\/em><\/p>\n<p><em><strong><em>Collect this article as an NFT<\/em><\/strong><em> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n<p><strong><em>Magazine: Should you \u2018orange pill\u2019 children? The case for Bitcoin kids books<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-trader-btc-price-candle-cpi-2-year-low\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) eased higher into July 12 with the key macroeconomic event of the week just hours away. BTC\/USD 1-hour chart. Source: TradingView CPI set to hit lowest since March 2021 Data from Cointelegraph Markets Pro and TradingView followed BTC price momentum as it slowly inched closer to $31,000. The largest cryptocurrency showed little volatility [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12625"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12625\/revisions"}],"predecessor-version":[{"id":12627,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12625\/revisions\/12627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12626"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}