BTC Price- Bitcoin Faces Sell Pressure Amidst US Presidential Debate
BTC Price– Bitcoin (BTC) experienced a significant decline, giving up recent gains as of September 11. The cryptocurrency market was disappointed by the US Presidential debate, where neither Donald Trump nor Kamala Harris offered new support for crypto policies. This lack of commitment left crypto bulls feeling disheartened, contributing to increased sell pressure on Bitcoin.
BTC Price Drops $1,000 in an Hour
Data from Cointelegraph Markets Pro and TradingView revealed a $1,000 drop in Bitcoin’s price within just one hour, with BTC/USD hitting local lows of $56,099 on Bitstamp. The sudden decline marked a reversal of the recent upside momentum as traders reacted to the debate’s lack of relevant commentary on cryptocurrency.
Market Anticipates Minimal Impact from Upcoming CPI Data
Attention now shifts to the Consumer Price Index (CPI) release for August, scheduled for later in the day. According to QCP Capital, the market is anticipating a CPI print of 2.55% compared to 2.9% previously. However, they suggest that the CPI might not significantly impact Bitcoin’s price, as market focus is increasingly directed toward upcoming unemployment data.
Analyst Insights: Bitcoin’s Short-Term Corrections and Moving Averages
Crypto trader and analyst Michaël van de Poppe noted that Bitcoin’s recent low-timeframe correction is a typical occurrence before CPI events. He emphasized that holding the $55,000-$56,000 range could be crucial for Bitcoin’s stability. Meanwhile, trader Daan Crypto Trades highlighted a pattern on the 4-hour chart, showing that Bitcoin was struggling to cross both the 200-period simple moving average (SMA) and exponential moving average (EMA), set at $59,200 and $58,840, respectively. These moving averages serve as indicators of market strength or weakness, with bulls needing to reclaim these levels for a potential bounce.
FAQs
Why did Bitcoin’s price drop recently?
Bitcoin’s price recently dropped by approximately $1,000 due to disappointing comments from the US Presidential debate, which failed to provide support for crypto policies. Additionally, the market’s attention has shifted to the upcoming Consumer Price Index (CPI) data, causing volatility in Bitcoin’s price.
What impact did the US Presidential debate have on Bitcoin?
The US Presidential debate did not address crypto policies, which disappointed crypto enthusiasts and failed to inspire confidence in Bitcoin. This lack of commitment to supportive crypto policy contributed to Bitcoin’s price decline.
Leave a comment