Bitcoin longs take a hit as PPI signals higher inflation
Dec 9 2022
Bitcoin has been rejected four times in the past week from \(17,300 and displayed volatility minutes before the PPI release to shake out a lot of short positions with high leverage or tight stop losses. PPI came out at 0.3% which is higher than the expected 0.2%, leading to a brief sell-off, with Bitcoin going as low as \)17,060. More volatility is to be expected as traditional markets begin to open.
ETH had been the best performer among the top 10 today with a 2.75% increase in the past 24hours. The bullish sentiment was a result of Ethereum core developers announcing the Shanghai hard fork, which will allow staked ETH withdrawals.
Meanwhile, the S&P 500 was able to climb back to 4,010 but took a hit in pre-market open, bringing it down to 3,985 for now. We can expect higher sell pressure in the coming hours. DXY has not moved much and is sitting at 104.8 despite the higher PPI.
Top altcoin gainers and losers
Gainers
- FTX Token FTT (+24.43%)
- Chain XCN (+7.85%)
- The Graph GRT (+7.67%)
Losers
- Radix XRD (-10.88%)
- Toncoin TON (-2.50%)
- Synthetix SNX (-1.83%)
Bitcoin Technical Analysis
Bitcoin gave us an underside test as expected and wicked up to \(17,300. So far it has not shown any strength and has fallen back to \)17,160. It currently trades in the premium zone, which lasts till \(16,450 hence our first stop of support might not come around \)16,800 like last time as most of the liquidity sits below this level.
Ethereum Technical Analysis
Ethereum went above our expectations but ultimately maintains a higher low trend and shows a lack of strength. Despite many positions being taken out in this volatile price action, there are a lot of long positions under \(1,220 and could be the next ones to go. Our point of interest for the next week remains at \)1,190
NFT Market Map
Top collections by volume growth yesterday, like COCKPUNCH (-83.06%), Valhalla (-77.85%), and Undead Blocks Skin Vault (-42.37%) saw a strong pullback today as the hype faded.
Noble Cards: Season One became the new rising star on the top 10 list today with a 2,873.85% uptick in trading volume as it’s one of the newest mints in town.
Biggest winners among collections with >$10k volume:
- Ugly Faces (+35,049.81%)
- White Rabbit Producer Pass (+25,806.89%)
- Async Blueprints (+9,774.28%)
- Noble Cards: Season One (+2,873.85%)
- Creature World (+2,241.91%)
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.
