• Bitcoin traders are expecting a ‚hot‘ February CPI report and anticipate the price of BTC to bottom at $19,000.
• Market commentators suggest this could be a testing few weeks for Bitcoin and other risk assets due to the Fed Chair Jerome Powell’s upcoming speech on March 8.
• Popular traders have voiced that the bottom is in and expect BTC to reach $23,000 before dropping to $20,000 and then rising again to $30,000.
Bitcoin Traders Eye Possible Price Bottom
Bitcoin traders are expecting a ‘hot’ Consumer Price Index (CPI) report for February which could potentially push the price of BTC down to its bottom at $19,000. Market commentators suggest this could be a testing few weeks for Bitcoin and other risk assets due to Federal Reserve Chair Jerome Powell’s upcoming speech on March 8th.
Bearish RSI Divergence
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it remained relatively motionless over the weekend. The pair offered few trading opportunities as concerns built up over the impact of forthcoming macroeconomic data from the United States, with an annotated chart highlighting a bearish RSI divergence — when the metric’s trajectory runs in the opposite direction to price — downward versus upward respectively.
Traders Optimistic About Price Fluctuations
Popular traders are optimistic about what lies ahead for Bitcoin prices, with Crypto Ed voicing belief that $19,000 will mark the next local floor: “Biggest bulltrap ever, but the bottom is in. Enjoy the coming months and don’t get fooled on the lower TF’s!” he said in a recent Twitter post. This was accompanied by a chart outlining potential paths leading down below $20,000 followed by an uptrend back up towards $30K again.
Impact Of CPI Print On Risk Assets
The significant impact of CPI prints has been observed across risk assets in many occasions before now; however it has often been short-lived as prices tend to return back to previous levels afterwards.
Conclusion
It remains uncertain how markets will react when Jerome Powell kicks off triggers on March 8th or how hot February’s CPI print may turn out; however market commentators have warned that investors should prepare themselves for some volatility during this period while popular traders remain confident that better times are yet ahead for Bitcoin prices