{"id":2503,"date":"2022-03-10T17:53:29","date_gmt":"2022-03-10T17:53:29","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2503"},"modified":"2022-03-10T17:53:29","modified_gmt":"2022-03-10T17:53:29","slug":"bitcoin-spoofs-40k-breakout-as-us-cpi-inflation-data-conforms-to-7-9-estimates","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2503","title":{"rendered":"Bitcoin spoofs $40K breakout as US CPI inflation data conforms to 7.9% estimates"},"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) turned back time to February on March 10 as the latest U.S. inflation data sparked a bout of volatility.<\/p>\n<p><em>BTC\/USD 1-minute candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Wheat gives Bitcoin a run for its money<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reacting strongly to February\u2019s Consumer Price Index (CPI) readout.<\/p>\n<p>Despite matching forecasts at 7.9%, the print saw Bitcoin stage a smaller version of last month\u2019s reaction, with a breakout above $40,000 followed immediately by a trip to 24-hour lows.<\/p>\n<p>At the time of writing, Bitcoin traded at the same place it had done before the event.<\/p>\n<p>\u201cHigh inflation numbers are calling for faster hikes and potential QT, quantitative tightening, resulting in a stronger Dollar and people selling their risk-on assets. That&#8217;s the short-term reaction,\u201d Cointelegraph contributor Micha\u00ebl van de Poppe summarized. <\/p>\n<p>\u201cSuch high inflation isn&#8217;t great, nonetheless. Long-term though; Bitcoin.\u201d<\/p>\n<p>The start of Wall Street trading, meanwhile, did not produce any noticeable changes to the short-term status quo.<\/p>\n<p>The S&amp;P 500 was down 0.6% at the time of writing, while burgeoning commodity prices \u2014 oil and wheat, among others \u2014 remained center stage.<\/p>\n<p>\u201cWheat is everything BTC wanted to be and more,\u201d popular trader Pentoshi joked. <\/p>\n<p>\u201cA global reserve currency, inflation hedge, you can trade and carry in your pocket that&#8217;s lightweight. If you aren&#8217;t going to your local store right now and going all in Wheaties, what are you even doing with your life?\u201d<em>Wheat CFDs 1-day candle chart. Source: TradingView<\/em><\/p>\n<p>The U.S. Federal Reserve\u2019s decision on raising its base rate was due March 16.<\/p>\n<p>&#8220;Economy needs energy to run. Energy prices are soaring with no relief in sight,&#8221; Material Scientist, creator of monitoring resource Material Indicators, added on the day. <\/p>\n<p>&#8220;Therefore, economic output (GDP) has and will continue to drop (Q1 at 0%, if Q2 also no growth = officially recession). Also, QT lol. Best bet in &#8217;70s was commodities, energy, hard assets. Strap in.&#8221;<\/p>\n<h2>Western Union halts international Russia remittances<\/h2>\n<p>In a further development, money transfer service Western Union \u2014 traditionally a competitor-in-waiting for Bitcoin \u2014 announced that it would halt remittances to both Russia and Belarus.<\/p>\n<p><strong><em>Related:\u00a0Inflation spikes in Europe: What do Bitcoiners, politicians and financial experts think?<\/em><\/strong><\/p>\n<p>\u201cIf only there was something that could replace these corporations and that&#8217;s kinda decentralized and no one really has control over and that you don&#8217;t have to physically carry around,\u201d commentator WhalePanda reacted.<\/p>\n<p>On both low and high timeframes, however, very little had changed for Bitcoin, market participants concluded.<\/p>\n<p lang=\"en\" dir=\"ltr\">#BTC high timeframe <\/p>\n<p>Rising wedge + local top $69k H&amp;S neckline extended <br \/>is the current range<\/p>\n<p>If SL triggered ou look for an entry at key trendline range or lower.<\/p>\n<p>Bears have been milked, the market wants bulls rekt too. Enter @ support, but be ready in case we go lower pic.twitter.com\/1DowiRV1z3<\/p>\n<p>\u2014 AN\u20bfESSA (@Anbessa100) March 10, 2022<\/p>\n<p>Overnight, BTC\/USD had printed another familiar move in the form of a &#8220;Bart&#8221; chart pattern, once again failing to hold $40,000 support.<\/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-spoofs-40k-breakout-as-us-cpi-inflation-data-conforms-to-7-9-estimates\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) turned back time to February on March 10 as the latest U.S. inflation data sparked a bout of volatility. BTC\/USD 1-minute candle chart (Bitstamp). Source: TradingView Wheat gives Bitcoin a run for its money Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reacting strongly to February\u2019s Consumer Price Index (CPI) readout. Despite [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-2503","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\/2503","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=2503"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2503\/revisions"}],"predecessor-version":[{"id":2505,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2503\/revisions\/2505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2504"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}