Crypto products hit with $305M outflow amid strong US economic data

CoinShares expects that crypto investment products will become increasingly sensitive to interest rate expectations in September.

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Bitcoin price keeps falling under $60K Here is why

Many analysts say a drop in spot Bitcoin ETF demand is the primary reason for BTCs price weakness, but theres more to it than that. 

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Bitcoin and altcoins fail to rally even as US inflation cools down

For years, analysts and traders have said cooling inflation would benefit the crypto market, yet prices are still down. Cointelegraph explains why.

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BTC price support thinning below $60K, while Bitcoin ignores cool PCE

BTC price performance offers little inspiration through the latest U.S. macro data, but concern is brewing among Bitcoin analysts over $60,000 support.

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Bitcoin derivatives turn bearish as traders anticipate sub $60K BTC price

Bitcoin derivatives data suggests that macroeconomic and crypto-specific factors are behind BTCs recent drop below $60,000.

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Bitcoin price holds steady amid spot BTC ETF outflows and uptick in unfriendly regulation

Bitcoin price holds above $63,000 even as regulatory enforcement ramps up and spot BTC ETF outflows raise concern.

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Atlanta Fed Model Predicts Sharp 2.8% GDP Contraction in First Quarter: Trumpcession Ahead

The Atlanta Fed has a model that predicts a contraction in US GDP for the first quarter of the year. This means that the Gross Domestic Product of the country is expected to decrease during this period. The model used by the Atlanta Fed takes into account various economic indicators to make this prediction. This [...]

The post Atlanta Fed Model Predicts Sharp 2.8% GDP Contraction in First Quarter: Trumpcession Ahead appeared first on Crypto Breaking News.

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Bitcoin RSI Targets Daily Retest That Triggered 2024 Price Rally, What Happened Last Time

Crypto analyst Rekt Capital recently discussed the Bitcoin price action and provided insights into the flagship cryptos future trajectory. Specifically, he alluded to BTCs RSI, which is showing a similar pattern to last year, just before the rally to new highs.  Bitcoins RSI Targeting Daily Retest That Triggered 2024 Price Rally In an X post, Rekt Capital revealed that Bitcoins RSI is targeting a daily retest that triggered the 2024 price rally. He mentioned that last week, the daily RSI successfully performed a post-breakout retest of the RSI downtrend, which dates back to November 2024, to confirm the breakout. He added that the RSI is now going for another retest of that same downtrend.  Related Reading: Analyst Says Bitcoin RSI Dominance Needs To Crash To This Level For The Bull Run To Resume The Bitcoin price rallied to $100,000 during this November 2024 period following Donald Trumps victory in the US presidential elections. Rekt Capitals accompanying chart showed that the RSI is retesting the 40 zone, with a break below this level likely to spark another downtrend for the flagship crypto. On the other hand, holding above this RSI level could spark another uptrend for BTC, sending its price to new highs.  However, the Bitcoin price looks more likely to face another major correction at the moment, having dropped from its weekly high of around $88,500 to below $84,000 on Friday. Macro factors like Donald Trumps tariffs and the US Federal Reserves quantitative tightening policies are weakening the flagship cryptos bullish momentum.  Trading firm QCP Capital opined that any short-term upside for the Bitcoin price remains capped as markets wait for clarity from Trumps next move in the escalating trade war. The PCE inflation data, which was released on Friday, also sparked a bearish outlook for BTC as the core index rose beyond expectations.  BTC Could Form Local Bottom At Current Price Level Crypto analyst Titan of Crypto suggested that the Bitcoin price could form a local bottom at its current price level. He noted that BTC is still holding above a strong confluence of supports, including the monthly Tenkan and midline of the monthly Fair Value Gap. The analyst added that the last two times BTC has held these supports, it has marked a local bottom.  Related Reading: Popular Analyst PlanB Expects Bitcoin Price To Double In 2025 As Bear Market Is Not Here In an earlier post, Titan of Crypto had raised the possibility of the Bitcoin price rallying to $91,000 soon. He stated that a bullish pennant had formed on the 4-hour chart. According to him, if this pattern breaks to the upside, the BTC target is around $91,400. Meanwhile, legendary trader Peter Brandt looks bearish as he recently predicted that BTC could drop to as low as $65,635.  At the time of writing, the Bitcoin price is trading at around $83,900, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Unsplash, chart from Tradingview.com

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Crunching The Data: Will Bitcoin Price Soar Or Slump In The Coming Days?

The Bitcoin price is currently in an uncertain situation. After BTC broke below the one-month trading range between $29.800 and $31.500, the bulls have so far failed to recapture this area. A first attempt failed on Wednesday at $29.725, a second effort on Thursday at $29.600. On the other hand, the bears currently also fail [...]

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BTC price shrugs off strong PCE data as Bitcoin traders eye $28K range

Bitcoin (BTC) stayed rangebound at the July 28 Wall Street open despite further United States inflation data beating expectations. BTC/USD 1-hour chart. Source: TradingView Fed’s “preferred” inflation metric points to waning pressure Data from Cointelegraph Markets Pro and TradingView showed BTC price action getting only a modest boost from the Personal Consumption Expenditures (PCE) Index [...]

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Bitcoin Holds At $29,300 As PCE Comes Out Neutral

With today’s release of the Personal Consumption Expenditure (PCE) price index by the Bureau of Economic Analysis, the Bitcoin market just experienced the most important macro event of the week. Ahead of the Federal Open Market Committee (FOMC) of the US Federal Reserve (Fed) on May 2-3, all eyes were on the PCE today. The latter is known as the Fed’s favorite inflation gauge. (versus CPI). It measures prices paid by consumers for domestic purchases of goods and services and excludes food and energy. The baseline was as follows: February’s core PCE index was +0.3% on a monthly basis, below the forecast of +0.4%. For March, analysts expected an increase of +0.3%. On an annualized (YoY) basis, an increase of 4.5% was expected, a slight drop from the previous month’s 4.6%. Hitting expectations or any “positive” surprises were expected to be bullish for the Bitcoin market. Renowned analyst Ted (@tedtalksmacro) stated up front: “Bulls want to continue seeing it trend south!” and added the chances for a bullish surprise were good: “CPI + PPI prints earlier in the month, at least for now, suggests that the path of least resistance is for lower inflation numbers.” PCE Slightly Impacts Bitcoin Price These expectations were not met. As reported by the Bureau of Economic Analysis, core PCE came in at 0.3% on a monthly basis, as expected. On an annual basis, core PCE fell to 4.6%, also delivering the expected number. BREAKING: US PCE data is out! Headline y/y 4.2% vs 4.1% expectation Headline m/m 0.1% vs 0.1% expectation Core y/y 4.6% vs 4.58% expectation Core m/m 0.3% vs 0.3% expectation — Markets & Mayhem (@Mayhem4Markets) April 28, 2023 Bitcoin price reacted in line with expectations. At the time of writing, BTC was sticking to the price level around $29,300. Related Reading: Bitcoin Wyckoff And Elliott Wave Predict This Next Price Move The big question, however, will be whether progress in fighting inflation is enough for Fed Chairman Jerome Powell. In a phone prank with a fake Ukraine President Volodymyr Zelenskyy yesterday, Powell acknowledged that there are at least two more rate hikes coming, followed by a long period of high interest rates with significant negative effects on the US economy and the US labor market. Powell also stated that a recession in the United States is likely. “This is what it takes to get inflation down. By cooling off the economy and cooling off the labor market inflation comes down. We don’t know of any painless way for inflation to come down.” In a prank call with a fake Zelenskyy Jerome Powell, Chairman of the Federal Reserve, admits at least 2 more upcoming interest rate hikes followed by a long period of high rates with significant negative effects on the US economy and the US labor market. https://t.co/vDb19Ed5ux — Kim Dotcom (@KimDotcom) April 27, 2023 What Will The Fed Make Of The Data? After the latest macro data, Fed Funds Futures traders expect a probability of more than 80% for a 25 basis points (bps) rate hike next Wednesday. The probability according to the CME FedWatch Tool was at 88% before the release of the PCE and remained at this level afterwards. Related Reading: Why This Top Financial Expert Is Saying ‘Buy Bitcoin’ Amid Looming Bank Failures Still, the market is calling Powell’s bluff. Liz Young, head of investment strategy at SoFi shared the chart below and stated prior to the PCE release: Market pricing implies 88% odds of a rate hike next week, up from earlier in the month. Some traders are starting to bet on a hike in June as well, but that’s less certain. Either way, markets still think we’re going to get multiple cuts later in 2023 & early 2024. Today’s release is not expected to change this. On the other hand, a second wave of bank failures is currently brewing in the US. Higher interest rates are likely to push more regional banks to their limit. Bitcoin could once again be the beneficiary, as the Fed can’t hike as high as they would want to. At press time, the Bitcoin price stood at $29,314. Featured image from iStock, chart from TradingView.com

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This bearish technical pattern hints at a double-digit drop in Bitcoin price

Inflation concerns and the U.S. debt standoff cast a long shadow over Bitcoin’s dwindling bullish prospects.

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Bitcoin price gains 3.5% as US PCE data supports shrinking inflation

A swift leg-up for BTC price action nonetheless fails to crack the week-long trading range so far.

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2 things that might offset the impact of the Core PCE release later today

Later in the North American session, traders and investors will focus on the Core PCE Price Index. This is the Fed’s favored measure of inflation, and it is forecast to increase by 0.4% m/m in May.

Inflation took the Fed by surprise. The Fed’s Chair, Jerome Powell, participated in a discussion yesterday at the ECB Forum in Sintra, Portugal.

He said that the Fed still learns about inflation and how to deal with it. Truth be said, inflation reached more than four decades high in the United States, and there are no convincing signs that the trend will end anytime soon.

As such, the Fed is on a mission to hike rates as quickly as possible. It delivered a 75bp rate hike this month and will probably match it with another 75bp rate hike in July.

To the Fed’s help came the US dollar. The greenback strengthened in 2022, offsetting a bit the rise in the prices of goods and services.

But regardless of today’s data, traders should focus on two other events that will drive the price action for the rest of the week and at the start of the new one. More precisely, the end of the month flows and the upcoming Independence Day in the United States are more important for the price action in the short term than today’s inflation data.  

June has been dominated by further strength in the US dollar. In particular, the USD/JPY moved in one direction only. Also, the EUR/USD trades close to 1.04, every day coming closer to parity.

End of the month flows bring increased volatility, especially during the main fixing times. As such, the inflation data will be followed by the most important fixing of the month, so the economic release might matter in the medium and long term, but not in the short term.

The 4th of July is Independence Day in the United States. Because of that, the NFP or Non-Farm Payrolls release was not scheduled for tomorrow, the 1st of July, as it should have been.

The reason is that many people take a long weekend to celebrate Independence Day. Therefore, the price action on Friday and Monday should be taken with a grain of salt.

The post 2 things that might offset the impact of the Core PCE release later today appeared first on Invezz.

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French regulator authorizes crypto operations for BPCE subsidiary

BPCEs crypto subsidiary, Hexarq, is the second banking crypto outfit to receive a nod from French regulator AMF after Société Générales Forge.

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