This may be set up for the Bitcoin price as the community waits for important inflation decisions
According to Santiment, Bitcoin’s social sentiment sees a unique level of optimism entering the second half of July while society waits for important inflation data. The analysis company at the chain suggested that an ideal setup might be for the public to remain skeptical while prices rise with little or no resistance.
📊 #Bitcoinits social sentiment sees a unique level of optimism this week as we enter the second half of July and #Fednext decision. An ideal setup would be for the crowd to remain skeptical when prices rise with little resistance. pic.twitter.com/3EtAVYE8hs
– Santiment (@santimentfeed) July 11, 2022
Few cryptanalysts are still optimistic about Bitcoin’s price action before the release of the CPI data.
#Bitcoin | TD Sequential presents a buy signal on $ BTC four hour chart. If the $ 20,400 100-hour MA holds, #BTC could return to the $ 21,900 200-hour MA.
Failure to hold the 100-hour MA could trigger a drop to $ 19,900. pic.twitter.com/WPuDmSDsaL
– Ali Martinez (@ali_charts) July 11, 2022
For cryptanalysts Ali MartinezTD Sequential presents a buy signal on the BTC four-hour chart. If the $ 20,400 100-hour MA holds, BTC may return to the $ 21,900 200-hour MA. Failure to hold the 100-hour MA could trigger a drop to $ 19 900. “
#bitcoin higher altitudes and higher descents …
Potential start of an upward trend?
Do not get too excited about anything until we get the CPI data on the 13th. Unfortunately, the macro still dictates #krypto market! pic.twitter.com/5AaxExFZ25
– Lark Davis (@TheCryptoLark) July 10, 2022
Lark Davisan analyst tweeted “Bitcoin highers and higher lows … Potential start to an uptrend? Do not get too excited about anything until we get the CPI data on the 13th Unfortunately, macro still dictates the crypto market!”
The expected US consumer price index report for July 13 will be closely followed by traders this week. US inflation is forecast to rise to 9%, a new peak of four decades, which supports the Federal Reserve’s argument for a significant rise in interest rates in July.
Monday saw a decline in both European markets and US stock futures as investors waited for the crucial second-quarter earnings season to get clues on how companies are coping with the inflation target. Price pressure, a wave of money tightening and a shaky global economy continue to overshadow the markets.
Crypto market price action
The cautious start to the week in global markets drew attention to Bitcoin, which is set to mark the fourth day of losses but maintained a price above $ 20,000. BTC traded at $ 20,371 at the time of writing, down 3.81% from the day before .
After losing 3.59% of its value in the early hours of Monday, Ethereum has fallen below $ 1,200. At the time of publication, several cryptocurrencies were losing value. Dogecoin, Tron and Solana all fell by 4.16%, 3.74% and 5.05% respectively during the last 24 hours.
