Hot CPI at 0.4 percent just pushed December hike odds to 90 percent, and Bitcoin barely flinched. 📰
CoinDesk reports October consumer prices rose 0.4 percent month over month, above the 0.3 percent economists expected, prompting traders to price in a 90 percent chance of a quarter point Fed rate increase in December, according to CME FedWatch. ⚠️ CryptoNews reports the two year Treasury yield jumped 18 basis points to 4.73 percent after the print, yet Bitcoin took the hot inflation report in its stride, falling less than 1 percent over 24 hours, after dropping to around 72,700 dollars on Tuesday. My reading is that Bitcoin holding near 73,550 dollars after a hot CPI print is actually a small sign of resilience, because a market that refuses to break on bad news is a market running out of sellers, even though a December hike would raise the cost of holding a non yielding asset.
Does the hot CPI print break Bitcoin below 73,150, or has the bad news already been priced in? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #CPI
CoinDesk reports October consumer prices rose 0.4 percent month over month, above the 0.3 percent economists expected, prompting traders to price in a 90 percent chance of a quarter point Fed rate increase in December, according to CME FedWatch. ⚠️ CryptoNews reports the two year Treasury yield jumped 18 basis points to 4.73 percent after the print, yet Bitcoin took the hot inflation report in its stride, falling less than 1 percent over 24 hours, after dropping to around 72,700 dollars on Tuesday. My reading is that Bitcoin holding near 73,550 dollars after a hot CPI print is actually a small sign of resilience, because a market that refuses to break on bad news is a market running out of sellers, even though a December hike would raise the cost of holding a non yielding asset.
Does the hot CPI print break Bitcoin below 73,150, or has the bad news already been priced in? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #CPI
