Bitcoin shrugs off US CPI win as Binance CEO says BTC 'leading pack'

7 hours ago

Key points:

Bitcoin fails to capitalize connected lower-than-expected US CPI data, seeing a Wall Street sell-off for a 2nd day.
Traders spot BTC/USD buying clip earlier its adjacent move, and a travel beneath $100,000 is connected the cards.
Bitcoin is showing “undeniable” momentum against golden and stocks, Binance’s Richard Teng says.

Bitcoin (BTC) saw a repetition sell-off astatine the May 13 Wall Street unfastened arsenic bears ignored affirmative US ostentation data.

BTC terms stagnates aft CPI ostentation cools

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD again heading little aft failing to reclaim $104,000 arsenic support.

The downside came contempt the April people of the US Consumer Price Index (CPI) coming successful beneath expectations successful what should beryllium bully quality for hazard assets.

“The each items scale roseate 2.3 percent for the 12 months ending April, aft rising 2.4 percent implicit the 12 months ending March,” an official release from the US Bureau of Labor Statistics (BLS) confirmed.

“The April alteration was the smallest 12-month summation successful the each items scale since February 2021.”

US stocks opened higher, with the S&P 500 and Nasdaq Composite Index up 0.7% and 1.4%, respectively, astatine the clip of writing.

Reacting, trading assets The Kobeissi Letter noted that the S&P 500 had present delivered nett upside year-to-date.

“The S&P 500 has technically entered a caller bull market, up 20% since April. We are seeing historical moves to some directions successful some stocks and commodities,” it wrote successful portion of a thread connected X.

BTC/USD meantime surfed adjacent bid publication liquidity astir spot price. For fashionable trader Daan Crypto Trades, the signifier was present being acceptable for caller volatility.

“That's each the large clusters supra and beneath taken retired now. Good liquidity drawback connected some sides,” helium summarized alongside information from monitoring assets CoinGlass.

“From present connected retired we'll conscionable person to hold and spot arsenic the marketplace ranges a spot and figures retired what it wants to do. No monolithic liquidity levels adjacent truthful spot volition person to beryllium leading.”

The time prior, Daan Crypto Trades had forecast a retest of $102,000 based connected liquidity clusters, a determination which subsequently played out.

“Bitcoin is stalling present for a small bit, which is wholly fine,” crypto expert and entrepreneur Michaël van de Poppe continued.

“Even if it goes backmost to $97.5-98K, we'll inactive beryllium successful an uptrend and gathering up for caller ATHs.”

Teng: Bitcoin momentum “undeniable”

Assessing the ongoing macro implications for BTC terms action, trading steadfast QCP Capital considered the chances of the marketplace trending sideways successful the abbreviated term.

“BTC remains caught successful a tug-of-war betwixt its individuality arsenic ‘digital gold’ and its relation arsenic a risk-on proxy. This hostility continues to obscure its directional conviction,” it wrote successful its latest bulletin to Telegram transmission subscribers connected the day.

“As the macro communicative moves from protectionism toward renewed commercialized optimism, BTC could stay range-bound.”

Others remained beardown successful their condemnation implicit the wide marketplace trajectory, including Richard Teng, CEO of crypto speech Binance.

“While accepted markets recover, Bitcoin’s already starring the pack,” helium told X followers portion comparing returns since the April 2 “Liberation Day” enacted by US President Donald Trump arsenic helium unveiled reciprocal commercialized tariffs.

“With double-digit gains pursuing cardinal planetary events, BTC is reinforcing its presumption arsenic a resilient alternate asset—outperforming gold, the S&P 500, and the Nasdaq year-to-date. The momentum is undeniable.”

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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