Bitcoin nails a tidy CPI reaction with BTC taking a trip to $28,300.
Bitcoin traders “protecting” key trend line
Prior to the CPI release, on-chain analytics resource Material Indicators was eyeing Binance order book composition for future BTC price clues.Noting reducing volume near the current spot price, it added that bids were attempting to protect the integrity of the 200-week moving average just above $26,000.
“Remember that liquidity dampens volatility. FireCharts shows some decent bid liquidity protecting technical support at the 200 Week Moving Average. The upside currently has less volume near the active trading range,” itBitcoin has traded above the 200-week MA since mid-March.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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