BTC Price Drops to Local Lows: How US Presidential Debate and CPI Data Impact Bitcoin

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.

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