Mixed but bullish – The price of Bitcoin (BTC) regains $22,000, following the release of new macroeconomic data. The cryptocurrency now needs to break through another resistance, to be able to get to the midpoint of $22,000-$23,000.
Bitcoin price above $22,000
Bitcoin price rises to $22,311 on Bitfinex today, February 14, 2023. The cryptocurrency is trading at $22,228 at the time of writing this article. Its price is currently registering a daily gain of 2.09%.
Bitcoin price rebounds to $22,000 on the day of the latest Consumer Price Index (CPI) data release. The founder of the Eight trading company, Michaël van de Poppe, underline the fact that the CPI which “stands at 6.4%” in January, is ” lower than previous month “. However, is this observation enough to confirm that inflation is gradually falling in the United States?
Holger Zschäpitz, author of the book “Schulden ohne Sühne? which relates to the addiction of the States to the debt, also noted the fact that the global CPI of January at 6.4%, is lower than that of December, which amounts to 6.5%. However, it would be 0.2% higher to the “6.2% predicted by the statistics”. Holger Zschäpitz indicates that ” US inflation is mixed “.
Nevertheless, the markets seem to have reacted favorably to these data, even if they do not allow us to have a firm opinion on the evolution of inflation in the United States.
>> You don’t trust the platforms to keep your cryptos? Ledger has the solution (commercial link) <<
$22,290, next hurdle for Bitcoin
As Bitcoin therefore climbs back above $22,000, analyst Matthew Hyland shared a chart of the cryptocurrency’s price on a daily basis, which shows possible resistance around the lows. $22,290.
This level is close to the Ichimoku Tenkan Sen (black line in the graph below), which is near the $22,255.
Will the price of Bitcoin manage to cross this Tenkan? As Matthew Hyland points out, “the daily close will be interesting”.
Will the bulls be able to sustainably regain control of the markets, or will the bears resume in the coming days? This unprecedented crossing of moving averages suggests that bear markets could be more severe this time around, compared to previous crypto winters.
In crypto, do not economize on caution! So, to keep your crypto assets safe, the best solution is still a personal hardware wallet. At Ledger, there is something for all profiles and all cryptos. Do not wait to put your capital in safety (commercial link)!