{"id":19673,"date":"2023-04-10T11:05:34","date_gmt":"2023-04-10T11:05:34","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/analyst-says-cpi-could-be-big-market-mover\/"},"modified":"2023-04-10T11:05:34","modified_gmt":"2023-04-10T11:05:34","slug":"analyst-says-cpi-could-be-big-market-mover","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/analyst-says-cpi-could-be-big-market-mover\/","title":{"rendered":"Analyst says CPI could be big market mover"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681122337186-68f223be-2f92-452d-90dd-f7fec4012cd3-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681122337186-68f223be-2f92-452d-90dd-f7fec4012cd3-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681122337186-68f223be-2f92-452d-90dd-f7fec4012cd3-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/04\/1681122337186-68f223be-2f92-452d-90dd-f7fec4012cd3-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin price hovers above $28k with a ranged trading over the past month.<\/li>\n<li dir=\"ltr\">Analyst Michael van de Poppe says the US consumer price index report out this week could be a big market mover.<\/li>\n<li dir=\"ltr\">Bitcoin\u2019s volume weighted average price (VWAP) is a metric to also watch.<\/li>\n<\/ul>\n<p dir=\"ltr\"><a href=\"https:\/\/coinjournal.net\/bitcoin\/\">Bitcoin price<\/a> continued its ranged trading this past weekend, with bulls retesting the $28,500 area. As the week starts, the top cryptocurrency could see an injection of volatility.<\/p>\n<p dir=\"ltr\">Indeed, crypto analyst Rekt Capital says bitcoin remains \u201c<em>well positioned for mid- to long-term upside<\/em>\u201d, particularly as the cryptocurrency moves towards its next halving event.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> is very well-positioned for mid- to long-term upside<\/p>\n<p>It would be a shame to miss out on the exponential post <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Halving gains<a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/FE1j3nCTmN\">pic.twitter.com\/FE1j3nCTmN<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1645126411999379456?ref_src=twsrc%5Etfw\">April 9, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">But what about the next few days? Below is what analysts say about Bitcoin price this week.<\/p>\n<h2 dir=\"ltr\">Bitcoin price prediction ahead of CPI data this week<\/h2>\n<p dir=\"ltr\">According to crypto analyst Michael van de Poppe, BTC is still in consolidation \u2013 which has stretched from around mid-March. But with big economic news on the cards this week, the market could be in for a bit of movement.<\/p>\n<p dir=\"ltr\">In a comment on Bitcoin price he shared on Monday, van de Poppe said the upcoming Consumer Price Index (CPI) data expected on 12 April is a \u201c<em>big event this week<\/em>.\u201d\u00a0<\/p>\n<p dir=\"ltr\">If buyers manage to retest the $28,600 level, its likely BTC will break higher.<\/p>\n<p dir=\"ltr\">\u201c<em>Bitcoin is still stuck in the range. Good move overnight to $28,500 and back to consolidation. Big event this week with CPI, probably the market mover. If another test of $28,600 takes place, I\u2019m assuming we\u2019ll be breaking out upwards<\/em>,\u201d the analyst noted.<\/p>\n<p dir=\"ltr\">Here is the analyst\u2019s Bitcoin price chart.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is still stuck in the range. Good move overnight to $28,500 and back to consolidation.<\/p>\n<p>Big event this week with CPI, probably the market mover. <\/p>\n<p>If another test of $28,600 takes place, I&#8217;m assuming we&#8217;ll be breaking out upwards. <a href=\"https:\/\/t.co\/soCWROaeDy\">pic.twitter.com\/soCWROaeDy<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1645329867397890048?ref_src=twsrc%5Etfw\">April 10, 2023<\/a><\/p>\n<\/blockquote>\n<h2 dir=\"ltr\">Trading volume metric and BTC price outlook<\/h2>\n<p dir=\"ltr\">Pseudonymous analyst bitcoindata21 also says the CPI news this week will likely be a major market catalyst. However, he also highlights Bitcoin\u2019s Volume Weighted Average Price (VWAP), which he says currently sits on the benchmark cryptocurrency\u2019s all-time highs.<\/p>\n<p dir=\"ltr\">VWAP takes into account the average price of a trading asset as weighted by its total trading volume.\u00a0<\/p>\n<p dir=\"ltr\">The metric helps analyse and forecast price movement based on the average value over a given period. In this case, bitcoindata21 highlights the 30-day VWAP on 15 April, with a potential upward crossing on 13 April.<\/p>\n<p dir=\"ltr\">The chart below bitcoindata21 <a href=\"https:\/\/twitter.com\/bitcoindata21\/status\/1645141091069353987\" rel=\"noopener noreferrer\" target=\"_blank\">shared<\/a> on Twitter shows a comparison of the 2019 and 2023 price movements.<\/p>\n<div class=\"fr-img-space-wrap\"><span class=\"fr-img-caption fr-fic fr-dib fr-draggable\" style=\"width: 700px\"><span class=\"fr-img-wrap\"><\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/media.igms.io\/2023\/03\/10\/1681121214217-1446ba73-a143-4cbe-a86c-d1d36cf76bf5.jpg\" style=\"width: 700px\" class=\"fr-fic fr-dib\" width=\"700\" height=\"297\"\/><span class=\"fr-inner\"\/><\/p>\n<p dir=\"ltr\"><em>Bitcoin price VWAP historical data outlook comparing 2019 and 2023. Source: bitcoindata21 on Twitter.<\/em><\/p>\n<p><\/span><br \/>\n<\/span><\/p>\n<p class=\"fr-img-space-wrap2\">The 1-month sideways trading along the VWAP is similarly positioned as was in 2019 before BTC went on to hit a new all-time in the last bull market.<\/p>\n<\/div>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bitcoin-price-prediction-watch-out-for-cpi-event-this-week\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin price hovers above $28k with a ranged trading over the past month. Analyst Michael van de Poppe says the US consumer price index report out this week could be a big market mover. Bitcoin\u2019s volume weighted average price (VWAP) is a metric [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":19674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19673"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=19673"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/19673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/19674"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=19673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=19673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=19673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}