{"id":9624,"date":"2023-01-07T12:35:12","date_gmt":"2023-01-07T12:35:12","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9624"},"modified":"2023-01-07T12:35:13","modified_gmt":"2023-01-07T12:35:13","slug":"bitcoin-price-nears-3-week-high-as-trader-says-sub-7-cpi-may-see-19k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9624","title":{"rendered":"Bitcoin price nears 3-week high as trader says sub-7% CPI may see $19K"},"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) traded nearer $17,000 on Jan. 7 after the end of the year\u2019s first trading week delivered a spike higher.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>All eyes on CPI<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it briefly passed the $17,000 mark the day prior. <\/p>\n<p>The pair had seen flash volatility on the back of fresh economic data from the United States, this nonetheless fading to leave the key level \u201cunflipped\u201d as resistance.<\/p>\n<p>Nonetheless, the brief uptick delivered Bitcoin\u2019s highest price point since Dec. 20, 2022.<\/p>\n<p>Reacting, market participants continued to look to next week\u2019s Consumer Price Index (CPI) print as a key potential catalyst for risk assets.<\/p>\n<p>\u201cUnemployment will rally in the coming months. Yields will fall of a cliff if CPI is low,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, wrote in part of a summary tweet on Jan. 6. <\/p>\n<p>\u201cRelief rally is close.\u201d<\/p>\n<p>\u201cFinally looks like BTC is ready to break out of the $16K &#8211; $17K base range it\u2019s been stuck in the past several weeks. Initiate the squeeze,\u201d hopeful trader Kaleo continued.<\/p>\n<p>Should the CPI data show inflation decreasing quicker than expected, meanwhile, it could provide fuel for a trip to multi-month highs near $19,000, futures trader Satoshi Flipper added.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Satoshi Flipper\/ Twitter<\/em><\/p>\n<h2>Data reveals extent of on-chain losses<\/h2>\n<p>Zooming out, fellow trader and analyst Rekt Capital joined the growing consensus over the current narrow trading range on BTC\/USD forming the next macro bottom zone.<\/p>\n<p><strong><em>Related:\u00a0$16.8K Bitcoin now trades further below this key trendline than ever<\/em><\/strong><\/p>\n<p>\u201cThe current BTC price action will likely figure as an important cluster in the formation of the Bear Market bottom Accumulation Range,\u201d he determined.<\/p>\n<p>In a further demonstration of the pain already being endured by hodlers, on-chain analytics firm Glassnode showed that Bitcoin has seen its second-largest realized cap drawdown.<\/p>\n<p>Realized cap describes the aggregate price at which the BTC supply last moved, and its decrease reflects realized losses from selling.<\/p>\n<p>&#8220;The 2022-23 Bitcoin Bear Market has seen the Realized cap drawdown by -18.8%, the second largest in history, and eclipsed only by the pico-bottom of the 2011 bear,&#8221; Checkmate, Glassnode&#8217;s lead on-chain analyst, commented alongside a chart.\u00a0 <\/p>\n<p>&#8220;Investors have weathered a total of $88 Billion in Net Realized losses.&#8221;<em>Bitcoin realized cap drawdown annotated chart. Source: Checkmate\/ Twitter<\/em><\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\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-nears-3-week-high-as-trader-says-sub-7-cpi-may-see-19k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) traded nearer $17,000 on Jan. 7 after the end of the year\u2019s first trading week delivered a spike higher. BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView All eyes on CPI Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it briefly passed the $17,000 mark the day prior. The pair had seen [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9625,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9624","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\/9624","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=9624"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9624\/revisions"}],"predecessor-version":[{"id":9626,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9624\/revisions\/9626"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9625"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9624"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9624"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9624"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}