{"id":9656,"date":"2023-01-09T00:44:47","date_gmt":"2023-01-09T00:44:47","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9656"},"modified":"2023-01-09T00:44:48","modified_gmt":"2023-01-09T00:44:48","slug":"bitcoin-yo-yos-on-us-macro-data-amid-call-for-btc-price-to-retest-17k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9656","title":{"rendered":"Bitcoin yo-yos on US macro data amid call for BTC price to retest $17K"},"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) flashed volatility at the Jan. 6 Wall Street open after fresh United States economic data disappointed risk-asset bulls.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Analyst: BTC price in line for $17,000 retest<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD dipping to $16,669 on Bitstamp around non-farm payrolls and unemployment figures.<\/p>\n<p>Both those came in better than expected, with mixed implications for the Federal Reserve having room for maneuver when it comes to its continued tightening of monetary policy.<\/p>\n<p>There may be some chance of relief for Bitcoin, crypto and the broader risk asset stage in the weeks and months to come, with interest rate hikes lessening in intensity.<\/p>\n<p>&#8220;Expecting a test of $17k,&#8221; on-chain analytics resource Material Indicators wrote in part of a reaction on social media.<\/p>\n<p>An accompanying chart presented the BTC\/USD order book on largest global exchange Binance, with both bid and ask liquidity inching higher.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/p>\n<p>Earlier, Cointelegraph had reported on the state of order book behavior showing continued ranging between $16,000 and $17,000 to be likely.<\/p>\n<p>&#8220;Market was ready for a hot number after yesterday\u2019s print, shorts unwinding after a quick impulse lower,&#8221; popular commentator Tedtalksmacro added about non-farm payrolls.<\/p>\n<p>On unemployment, however, he was less positive, arguing that better-than-expected numbers may conversely embolden the Fed to continue a more restrictive approach.<\/p>\n<p>&#8220;Not what bulls want to see for now &#8211; unemployment ticking lower the sticking point imo \u2014&gt; feeding higher rates for longer narrative,&#8221; he tweeted.<\/p>\n<h2>CPI bets favor Fed pace slackening<\/h2>\n<p>Beyond the U.S., inflation data from the European Union also boosted morale, showing a declining trend in the Consumer Price Index (CPI).<\/p>\n<p><strong>Related:\u00a0\u2018Big move brewing\u2019 for BTC price? Bitcoin may stay flat, hints analyst<\/strong><\/p>\n<p>&#8220;Euro CPI comes in at 9.2%, while 9.6% was forecasted. This drops to 0.9% in a month, meaning inflation is cooling off,&#8221; Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, responded.<\/p>\n<p>The U.S. CPI print for December 2022 is due next week, with expectations for the subsequent Fed rate hike currently skewed towards 25 basis points, according to CME Group&#8217;s FedWatch Tool.<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<p>U.S. stocks inched higher on the day, with the S&amp;P 500 and Nasdaq Composite Index gaining 1% and 0.6%, respectively.<\/p>\n<p>The U.S. dollar index (DXY) fell in step, Its inverse correlation with crypto and stocks once again on display as it fell a full point to target 104.5 at the time of writing.<\/p>\n<p><em>U.S. dollar index (DXY) 1-hour candle chart. Source: TradingView<\/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-yo-yos-on-us-macro-data-amid-call-for-btc-price-to-retest-17k\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) flashed volatility at the Jan. 6 Wall Street open after fresh United States economic data disappointed risk-asset bulls. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst: BTC price in line for $17,000 retest Data from Cointelegraph Markets Pro and TradingView\u00a0showed BTC\/USD dipping to $16,669 on Bitstamp around non-farm payrolls and unemployment figures. Both [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9656","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\/9656","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=9656"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9656\/revisions"}],"predecessor-version":[{"id":9658,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9656\/revisions\/9658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9657"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}