Crypto Market Wrought Ahead of Consumer Price Index

Both the Security and Exchange Commission (SEC) and the New York Department of Financial Service have rendered the cryptocurrency market turbid. This is due to their recent regulations on monetary policies. Recently, the New York Department of Financial Services ordered the termination of the issuance of a stablecoin on Paxos. BTCUSD could be seen facing the downside as some investors panicked due to this news. 

However, given that the Consumer Price Index (CPI) is scheduled to be reported on Tuesday, many market participants appear to be keeping an eye out for any indication of bullishness or bearishness. The majority of trading and investment choices made by players in the cryptocurrency market will be influenced by Tuesday’s CPI data, according to market makers Adam Farthing and Colin Howe of B2C2.

Key Bitcoin  Levels To Watch – February 12

According to the Moving Average Convergence Divergence (MACD) indicator, the histogram appears to have crossed the zero line to the downside. This implies that the continual formation of lower highs and lower lows is possible.

Since the failure swing in December 2022, BTCUSD has been quite bullish as the market structure has shifted to the upside. This also conforms with the directional bias of the MA Cross indicator. However, BTCUSD seems to be overbought, and a correction into the discount range is necessary.

Bitcoin Key Levels

Resistance Levels: $48240.00, $32933.00, $28800.00
Support Levels: $21478.00, $15460.00, $12486.00

Total Market Capitalization: $998.14B
Bitcoin Market Capitalization: $417.27B 
Bitcoin Volume: $24.49B
Market Rank: #1

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