Bitcoin falls on Trump-Harris debate, BTC price down 2.2% from pre-CPI
Bitcoin (BTC) gave up its latest gains on September 11 as the US presidential debate upset crypto bulls.
Bitcoin sells pressure loads to CPI print
Data from Cointelegraph Markets Pro and TradingView tracked the $1,000 BTC price drop in one hour.At the daily close, BTC/USD hit a domestic low of $56,099 on Bitstamp.
The high momentum reversed during the presidential debates as neither Republican candidate Donald Trump nor Democratic candidate Kamala Harris offered new motivation for those seeking a commitment to pro-crypto policies.
“The crypto market is disappointed by the lack of opinions related to crypto policy,” wrote trading firm QCP Capital in a reply to Telegram channel subscribers.
The QCP suggested that an “emergency movement in risk assets” could easily occur in the run-up to the US presidential election in November.
In the short term, meanwhile, the significance of the August Consumer Price Index (CPI) publication, later in the day, was already fading.
“With this macro event behind us, attention now turns to tonight's CPI release,” QCP continued.
“The market is expecting CPI to be published at 2.55% v 2.9% previously. We find more opportunities for reverse surprises. However, we expect less market impact from the CPI as the focus has shifted to unemployment data.
As reported by Cointelegraph, recent unemployment figures caused brief spikes in BTC price volatility, but failed to initiate a clear trend in either direction.
“Bitcoin is following its path, expecting a lot of momentum after CPI and PPI,” crypto trader, analyst and entrepreneur Michael van de Pop explained on X.
Van de Pop pointed out that low-time correction is standard practice before CPI events.
“Now a regular correction CPI is coming. We will be fine if it holds 55-56 thousand dollars,” he concluded.
Moving on an average cemented resistance to the price of BTC that takes weeks
Next, popular trader Dan CryptoTrades spotted a pattern emerging on the four-hour chart.
Related: Bitcoin speculators repeat 2021 de-risk as exposure drops 21.6K BTC
BTC/USD showed resistance to cross both the 200-time Simple Moving Average (SMA) and the Exponential Moving Average (EMA).
A chart uploaded to X for the day showed these two trend lines at $59,200 and $58,840.
“Whether $BTC trades above or below these MAs is a good market strength/weakness estimate,” argued part of the accompanying commentary.
“Bulls want to take those back to get more traction.”
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