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Bitcoin bulls protect $17K as trader eyes key China BTC price catalyst

Bitcoin bulls protect K as trader eyes key China BTC price catalyst

Bitcoin BTCtickers fell $17,167 and held $17,000 support until December 10 ago, a critical week of macro data.

CPI print will make Fed “slowdown”

Data from Markets Pro and TradingView followed BTC/USD as it traded sideways after Wall Street closed. The pair looked set for a quiet weekend with all eyes on US inflation readings and monetary policy updates from December 13. With the Producer Price Index (PPI) for November, the focus was on the monthly Consumer Price Index (CPI) results. As the expectation remains that the CPI will rise.

As inflation continues to fall, risky assets, such as cryptocurrency, are again strong. “My forecast is for a baseline CPI of 5.9 to 6.0% and a CPI of 7.0 to 7.2%.and we will have a big impact on the markets again,” wrote Michaël van de Poppe, founder and CEO of trading, company Eight, in a Twitter thread on the subject.

Van de Poppe added that the Federal Reserve’s December 15 FOMC meeting should respond in kind if that result is achieved. “FOMC will pause and slow down after this event,” he predicted. Meanwhile, stock market analyst James Choi compiled a list of stock market catalysts at the end of the week, including emerging markets and the “endless suppression” in the VIX volatility index. Great investment opportunities.

Chinese real estate ETF $CHIR is up 80% since November. Unbelievable,” he added.

China gets Bitcoin bulls excited

Continuing with China, crypto analyst and trader TechDev outlined a possible leading indicator of Bitcoin’s strength in the form of the Chinese 10-year bond yield versus the U.Dollar (DXY) index. “Few signals correlate as closely with Bitcoin’s macro swings as China’s 10-year return,” read another comment:

“$BTC local highs are key momentum highs. CN10Y local downtrend broken by 3W RSI above 50…Started each of Bitcoin’s last 3 biggest moves.

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