{"id":8569,"date":"2022-11-15T19:22:36","date_gmt":"2022-11-15T19:22:36","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8569"},"modified":"2022-11-15T19:22:36","modified_gmt":"2022-11-15T19:22:36","slug":"bitcoin-price-hits-17k-on-us-ppi-as-trader-warns-of-final-capitulation","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8569","title":{"rendered":"Bitcoin price hits $17K on US PPI as trader warns of \u2018final capitulation\u2019"},"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) spiked to $17,000 at the Nov. 15 Wall Street open as fresh United States economic data continued to show inflation cooling.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>\u201cGood\u201d PPI boosts risk assets<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it came closer to multi-day highs.<\/p>\n<p>Volatility had returned an hour before the open as the U.S. Producer Price Index (PPI) came in below expectations.<\/p>\n<p>Core PPI was unchanged month-on-month, with the PPI overall up 0.2% versus the 0.4% forecast. Year-on-year PPI was 8% versus the 8.3% forecast.<\/p>\n<p>The data, already in stark contrast to last month\u2019s PPI, follows on from October\u2019s Consumer Price Index (CPI) readout last week, this also showing that price increases in the U.S. were slowing.<\/p>\n<p>An ostensibly good sign for crypto along with risk assets, lower numbers theoretically increase the likelihood of an earlier pivot in hawkish economic policy from the Federal Reserve.<\/p>\n<p>\u201cGood CPI &amp; Good PPI,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, reacted.<\/p>\n<p>Others were more suspicious of the results in light of such aggressive quantitative tightening (QT) measures.<\/p>\n<p>\u201cThe PPI is the inflation number Fed uses to make decisions,\u201d popular analyst Venturefounder wrote in part of a Twitter analysis. <\/p>\n<p>\u201cMarket rallies on the news, inflation may have peaked but I think the most alarming part is after record QT for almost a year the PPI is still at 8%.\u201d<em>U.S. Producer Price Index (PPI) chart. Source: Bureau of Labor Statistics<\/em><\/p>\n<p>Stocks naturally appreciated the latest economic changes, with the S&amp;P 500 and Nasdaq Composite Index up 1.7% and 2.4%, respectively, at the open.<\/p>\n<p>The already precarious U.S. dollar index (DXY), meanwhile, felt the pressure, briefly dropping below 105.5 to its lowest levels since mid-August.<\/p>\n<p><em>U.S. dollar index (DXY) 1-day candle chart. Source: TradingView<\/em><\/p>\n<h2>Bullish divergences meet the \u201cfinal capitulation\u201d risk<\/h2>\n<p>For Bitcoin, optimism was still hard to find in analytical circles.<\/p>\n<p><strong><em>Related: Edward Snowden says he feels \u2018itch to scale back in\u2019 to $16.5K Bitcoin<\/em><\/strong><\/p>\n<p>Nonetheless, for trader and analyst Seth, a fresh bullish divergence on the weekly chart was something to feel confident about.<\/p>\n<p>\u201cBears took credit for the FTX Blackswan. Not many knew 2nd largest Exchange was going Bankrupt!\u201d accompanying Twitter comments stated.<\/p>\n<p>Bleaker news came from fellow analyst Matthew Hyland, whose previous warning of a bearish chart cross came true.<\/p>\n<p>\u201cThe previous two crosses resulted in -46% and -57% moves AFTER the cross was confirmed,\u201d he reiterated about the three-day chart\u2019s moving average convergence\/divergence (MACD) indicator.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Matthew Hyland\/Twitter<\/em><\/p>\n<p>Il Capo of Crypto, still eyeing a deeper macro low, meanwhile,\u00a0added that the \u201cfinal capitulation is likely.\u201d<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><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-price-hits-17k-on-us-ppi-as-trader-warns-of-final-capitulation\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) spiked to $17,000 at the Nov. 15 Wall Street open as fresh United States economic data continued to show inflation cooling. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView \u201cGood\u201d PPI boosts risk assets Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it came closer to multi-day highs. Volatility had returned an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-8569","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\/8569","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=8569"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8569\/revisions"}],"predecessor-version":[{"id":8571,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8569\/revisions\/8571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8570"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}