Bitcoin Reacts to U.S. Inflation Data, Encounters Market Resistance

Bitcoin, following the release of positive U.S. inflation data on July 12, briefly surpassed the $31,000 barrier before falling back below its key resistance level, returning to its starting point. Bitcoin’s Price Suppressed by Created Buy and Sell Wall Yann Allemann, co-founder of Glassnode, explained that the swift rise and subsequent fall in the market-leading cryptocurrency were directed by carefully adjusted buy and sell walls to limit volatility. Bitcoin’s silence in the face of U.S. inflation data suggests that economic data may already be priced in. The Bollinger Bands (BB), a tool used by investors to determine periods of high and low market volatility, declined to their lowest level since January just before the announcement of U.S. inflation data. This compression led to a sudden upward movement in Bitcoin’s price. However, the buy and sell wall created in anticipation of high volatility prevented the expected price volatility, making the rise […] The post Bitcoin Reacts to U.S. Inflation Data, Encounters Market Resistance appeared first on COINTURK NEWS.