Bitcoin bulls protect $17K as trader eyes key China BTC price catalyst

Bitcoin (BTC) maintained $17,000 enactment into Dec. 10 up of a captious week of macro data.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

CPI people volition marque Fed "slow down"

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD arsenic it traded sideways aft the adjacent of trading connected Wall Street.

The brace looked acceptable for a quiescent weekend, with each eyes focused connected United States ostentation readings and argumentation updates owed from Dec. 13 onward.

With the Producer Price Index (PPI) November people down it, the month’s Consumer Price Index (CPI) results took halfway stage.

As Cointelegraph reported, expectations stay that CPI volition amusement U.S. ostentation continuing to abate, sparking renewed spot successful hazard assets, including crypto.

“My idiosyncratic expectations are that we'll beryllium seeing CPI travel successful astatine 7.0-7.2%, Core CPI astatine 5.9-6.1% and that we'll person a large interaction connected the markets again,” Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, wrote successful a Twitter thread connected the topic.

Van de Poppe added that the Federal Reserve’s Federal Open Market Committee (FOMC) gathering connected Dec. 15 should respond successful benignant should that result result.

“FOMC to intermission and dilatory down aft this event,” helium predicted.

Macro economist and stocks expert James Choi meantime produced a list of banal marketplace catalysts arsenic the week closed, these including emerging markets and “never ending suppression” successful the VIX volatility index.

“USA Peak inflation, Weaker $USD, China reopening are making immoderate large investing opportunities. Chinese Real property ETF $CHIR up staggering 80% since November. Unbelievable,” helium added.

U.S. dollar scale (DXY) 1-day candle chart. Source: TradingView

China gets Bitcoin bulls excited

Continuing connected China, crypto expert and trader TechDev outlined a imaginable starring indicator for Bitcoin spot successful the signifier of the Chinese ten-year enslaved output versus the U.S. dollar scale (DXY).

Related: Price investigation 12/9: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

Now heading higher, if past repeats itself, BTC/USD could payment successful kind, helium said successful 1 of respective Twitter posts this week.

“Few signals person correlated with Bitcoin's macro inflections arsenic tightly arsenic China's 10-year yield,” further commentary read.

“Local tops astatine large $BTC impulse tops. Local CN10Y downtrend breaking with 3W RSI exceeding 50... Began each of Bitcoin's past 3 largest moves.”

China 10-year enslaved output vs. BTC/USD annotated chart. Source: TechDev/ Twitter

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.