Will Bitcoin avoid a 10th red weekly close? BTC price action shows anything could happen.
, BTC/USD continued to trade in a tight range throughout the week, this in place since the recovery from May's $23,800 lows.data was due in the coming days, this taking the form of the consumer price index readout for May which could spark volatility should inflation be shown to be running above already high expectations.
"The jury is still out in terms of the inflationary trajectory," Jeffrey Rosenberg, senior portfolio manager for systematic multi-strategy at asset management giant BlackRock,"You can’t really get the Fed out of the business of focusing on the number one priority — of getting inflation down — until you really start to see that definitively show up. Until that happens, it’s going to be a very tough time.
April's CPI print came in at 8.3%, compounding inflation already at levels not seen since the early 1980s.that Bitcoin would ultimately revisit the May lows, one cohort of traders stayed conspicuously bullish.On major exchange Bitfinex, long bets on BTC kept climbing over the weekend, reaching new record highs and causing confusion from analysts.
The trend accelerated markedly after the trip to $23,800, leading to concerns that a liquidation event could add to market fragility should BTC/USD reverse downhill. "This is either gonna result in a fantastic pump ... or a liquidation disaster," part of a reactionary tweet by commentator Kevin SvensonThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.