Bitcoin (BTC) hit multi-day lows on Aug. 10 as cryptocurrency traders braced for the fallout from the latest U.S. inflation data.
BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView
The most recent daily close for the BTC/USD pair on Bitstamp was $22,668, the lowest level since Aug. 5, according to data from Cointelegraph Markets Pro and TradingView.
In the previous session, the bullish momentum had evaporated, with traders firmly in a risk-off mood as the market awaited the release of the latest consumer price index (CPI) data.
The data, due at 8:30 a.m. ET on Aug. 10, is expected to show that U.S. inflation has peaked.
“The CPI data is pretty bearish for Bitcoin price action,” Blockware principal analyst William Clemente tweeted about the event, adding that the day of the CPI disclosure would be a “big day” for cryptocurrencies.
The attached image shows the impact of previous CPI data on BTC/USD.
BTC/USD annotated chart showing CPI events Source: William Clemente/ Twitter
Meanwhile, trader and analyst Daan Crypto Trades gave a CPI reading of 9.1 or higher, contrary to current expectations of 8.7, which is "bearish" price action.
"Markets have been betting that inflation may have peaked over the past month," he wrote in a dedicated post.
“If it doesn’t get confirmed today, I think things could turn bad in the short term because the top might not be there for another 1-2 months. That could also mean a delay in the Fed’s turn.”
Macro analyst Alex Krueger, however, was more dismissive, calling the CPI a "small number" while acknowledging its impact on risk asset trends.
As a result, Bitcoin price action remains within familiar ranges, with classic support and resistance levels still in play.
BTC/USD is hovering around $23,000 at the time of writing after shedding more than $1,000 the previous day.
Daan Crypto Trades sees $24,300 as a key level for Bitcoin to "take off," and $21,000 as a potential target if Bitcoin crashes.
Meanwhile, on-chain monitoring resource Whalemap continues to analyze whale buying and selling levels.
On August 9, the Whalmap team concluded: “Bitcoin is back in the whale gathering zone.”
“Prices where whales congregate are usually support or resistance for bitcoin’s price action. The question is, do we bounce back again, or do we go deeper.”
Bitcoin Whale Wallet Inflow Annotated Chart Source: Whalemap/Twitter
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