Bitcoin (BTC) saw a flicker of volatility across the opening of Wall Street on Dec. 23 as the most recent US inflation figures were consistent with expectations.
Bitcoin Sees ‘Blinds’ of Volatility on PCE
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly separated from solid sideways motion to drop to $16,750 on Bitstamp.
The impact of November’s US Personal Consumer Expenditure (PCE) Price Index was markedly limited, despite data that could be a key component of Federal Reserve policy.
Even in a low-volume, low-volatility environment, Bitcoin continued to trade, PCE barely moved the markets as traders began to simply accept that Christmas 2022 might be disappointing.
“I hope you enjoyed this little crumb of the amount, it’s probably the last one,” popular Twitter account, Byzantine general he replied.
The core PCE index was 4.7% in November, indicating a retreat in inflation, but still not an optimistic surprise for dangerous assets.
“Strong response in addition to a fast turnover of $16,750”, Michaël van de Poppe, founder and CEO of trading company Eight, he wrote within the Twitter analytics a part of the day.
“If this continues, I assume we’ll cross $16.9-17,000 and goal $17.45,000 on Bitcoin. Otherwise, taking a look at long positions at 16.45k. USD.
Fellow Crypto trader and analyst Il Capo stayed bearish, argue that “the impossibility of exceeding 17,000 says every little thing.”
Data from the on-chain analytics resource Material Indicators has meanwhile shown significant interest within the $16,500 parked bid on the Binance order book.
The data shows the reluctance of miners to sell on exchanges
Updating the image regarding bitcoin miners, analytics platform CryptoQuant noted that transaction volumes fell consistent with a broader trend.
Related: “Lower Wave” for all markets? 5 things to find out about Bitcoin this week
in recent Fast In a blog post, co-author Woominkyu reiterated that macro-low levels of miner activity have historically “roughly” coincided with BTC price lows.
“Seeing the trades of affiliated miners across all exchanges, it is obvious that selling pressure from miners has been attenuated from late 2021 up to now. Interestingly, you’ll be able to see that his transactions were very high, while the BTC price was much higher,” he wrote
“However, this doesn’t mean that miners are unable to sell more BTC for the time being, but it can be crucial to see that when his trades go as little as the last bearish cycles (roughly), it is feasible that BTC is forming a bottom too.”
The accompanying chart shows transactions from miners’ wallets to exchanges, which has seen a major drop since mid-2021.
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