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News/Bitcoin surges as big week starts strong with bullish CPI numbers

Bitcoin surges as big week starts strong with bullish CPI numbers

Dec 13 2022

last year6 mins read
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Bitcoin finally broke its sideways price action as the first major event for the week — the CPI release — came out bullish. Core CPI measures the change in the price of goods and services and came in lower at 7.1% YoY compared to the forecasted 7.3%. Tomorrow we will get our interest rate decision at the FOMC, and despite there being a rate hike, if it is lower than our last hike of 75 bps, further upside is likely.

Today’s release saw markets rising, with the Nasdaq going up by 4%, whereas BTC and ETH tested \(18,000 and \)1,350, respectively.

Meanwhile, the S&P 500, having maintained support above 3,900, broke resistance and jumped up to 4,127. If this week continues to be bullish with its upcoming events, the S&P 500 can break resistance at 4,200, which is the neckline for a double bottom. In such a case, 4,500 is likely. DXY, on the other hand, continues to weaken and saw loss of support.
 

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Top  altcoin gainers and losers

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Bitcoin Technical Analysis

Bitcoin has behaved as per our expectations. Despite the recent sell pressure, the market leader was able to maintain \(16,900 which led to today's move along with a bullish CPI print. Currently, Bitcoin sits at \)17,870 it is likely that we visit \(18,500, but the meat of the move is done. A correction towards \)17,500 is likely, but the upside target remains unchanged.

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Ethereum Technical Analysis

Ethereum has also broken out of its recent resistance at \(1,300 and is sitting at \)1,333. A lot of indicators are overheated and signal a push downward. However, there is an imbalance present around \(1,450 which should be targeted as Bitcoin aims for \)18,500. If we look at our discount premium model which was one of the main basis for this move up it also signals higher prices with the first possible resistance at $1,373.

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NFT Market Map

Today, the NFT market saw most projects in green regarding trading volume. However, the increase seemed to come from sellers rather than buyers.

NFTGo.io data suggested that there have been 13,267 sellers in the past 24h while the number of buyers was 11,397.

Undead Blocks Skin Vault (UBSKINVAULT) climbed the leaderboard again as the #1 project by volume (in dollar terms) and the #4 project by volume growth (+56,081.50%).

Others in the top 10 saw no more than a 300% increase in volume growth:

  1. The Memes by 6529 (+259.50%)
  2. V1 Cryptopunks (+178.84%)
  3. Art Blocks Factory (+109.25%)

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Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

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For more daily updates and news, follow us on Twitter.

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.

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