Ah, the January CPI figures, those tantalizing morsels of economic data, are set to grace our screens later this Wednesday. The forecast, like a timid child peeking from behind a curtain, suggests a slight dip in CPI, while Core CPI, that ever-contrarian sibling, is expected to inch upward. One can almost hear the collective gasp of the market, a symphony of volatility, as Bitcoin prepares to pirouette into the limelight of this announcement.
Market holds its breath
As the US Bureau of Labor Statistics prepares to unveil the CPI figures, the market, in a state of suspended animation, clutches its pearls, praying fervently that the numbers do not exceed the timid forecasts. CPI, that fickle mistress, is predicted to drop from 0.4% to a modest 0.3%, while Core CPI, ever the overachiever, is expected to rise from 0.2% to 0.3%. Should these predictions materialize, the market will likely exhale a sigh of relief, and the Fed will continue its leisurely stroll, unhurried by the prospect of rate cuts.
In this less-than-ideal economic landscape for Bitcoin, one might wonder if rates will eventually succumb to the pressure of US President Donald Trump’s desires to lower them, all in the name of economic rejuvenation. Ah, the sweet irony of it all!
Bounce coming – but possibly lower first
Behold the $BTC price, a delicate creature navigating the treacherous terrain of a wedge atop another wedge. Having been rebuffed at the apex of its current descending wedge, it now drifts downward, like a leaf caught in a gentle breeze, towards the ascending trendline (bold line). Should it reach this trendline, a bounce is likely, though before that, it must flirt with the bottom of its sideways range, languishing at $92,000 for the past three months. A bounce is on the horizon, but the strength of this rebound remains a tantalizing mystery.
The clear macro picture for $BTC
When one gazes upon the technical analysis of Bitcoin’s price, simplicity reigns supreme. Delving into the labyrinth of complexities can often lead to a befuddled state, akin to a cat chasing its own tail. The weekly chart, a panoramic view of the bull market’s evolution, offers a glimpse into the potential trajectory of the $BTC price.
It is evident that the Stochastic RSI has graced the bottom only a handful of times, each occasion resulting in a spectacular bounce that sent the price soaring. The indicator lines, once again, are descending towards the abyss. It may take two, three, or more weeks for these lines to rise, with the blue triumphantly overtaking the red. When that day arrives, and if the momentum continues its upward trajectory, the $BTC price could very well ascend to dizzying heights. Patience, dear reader, is a virtue in this whimsical world of cryptocurrency.
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2025-02-12 14:25