After the CPI data came out showing lower than expected inflation numbers one would assume that a bounce in Bitcoin was warranted. However, unlike other assets like the like gold and silver as well as markets such as the Nasdaq 100, Bitcoin did not join in the widespread market bump.
For hybrid traders like myself, technical aspects of a market are every bit as important as a fundamental development, just not in the same way. Fundamentals are the drivers that will persuade investors to act and shift market sentiment, and a market’s technical indicators help predict where that sentiment will ultimately take the price also where it may stall or pivot (reverse).
Bitcoin (BTC) made respectable gains today against the US dollar, trading up 1.63% as of 6:45 PM Eastern Standard Time (7/3/2023), or just about $500 on the day. While this increase is a rather modest one for BTC the high of the day is a price that has not been seen in over one year (June 7, 2022). On top of that, it managed to close near the highs currently at $31,122.
