{"id":35143,"date":"2023-07-13T11:11:56","date_gmt":"2023-07-13T15:11:56","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-price-falls-back-why-it-may-be-a-bullish-sign\/"},"modified":"2023-07-13T11:11:57","modified_gmt":"2023-07-13T15:11:57","slug":"bitcoin-price-falls-back-why-it-may-be-a-bullish-sign","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35143","title":{"rendered":"Bitcoin Price Falls Back. Why It May Be a Bullish Sign."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000691656\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Bitcoin<br \/>\n       and other cryptocurrencies slipped on Thursday, continuing to trade in a range that has dominated for weeks but exhibiting a trend in price action that may signal more gains ahead.<\/p>\n<p>The price of<br \/>\n        Bitcoin<br \/>\n      has fallen less than 1% over the past 24 hours to $30,500. Bitcoin has fallen back since the largest digital asset spiked to near $31,000 in Wednesday trading after the release of the consumer-price index for June showed that U.S. inflation is cooling. April\u2019s high around $31,500 remains out of reach now, though the psychologically important $30,000 level is secure.<\/p>\n<div class=\"paywall\">\n<p>\u201cBitcoin was very choppy around the inflation release yesterday but ultimately it\u2019s had little sustainable impact on the price,\u201d said Craig Erlam, an analyst at broker Oanda. \u201cIt\u2019s \u2026 still well within the $30,000-$31,000 range it has broadly traded in for the last few weeks. That consolidation will probably come more as comfort to crypto bulls but at this stage, it isn\u2019t particularly clear in which direction it will break next.\u201d<\/p>\n<p>Indeed, Bitcoin rose alongside the<br \/>\n        Dow Jones Industrial Average<br \/>\n       and<br \/>\n        S&amp;P 500<br \/>\n       after the inflation data, which suggested that the Federal Reserve may not have to raise interest rates much more and could begin cutting rates early next year. The breakneck rise in rates since March 2022\u2014amid the highest inflation in a generation\u2014was a key pressure for stocks and cryptos so a more accommodative Fed would be a tailwind.<\/p>\n<p>The CPI release, however, failed to be the catalyst that crypto bulls might have hoped for as rangebound trading persists. But the price action in Bitcoin may actually be a positive sign\u2014an indicator that markets are bracing for the next bullish surge.<\/p>\n<p>\u201cBitcoin is currently consolidating below the 2021-22 cycle mid-point of $30,000, with several metrics reaching a level of equilibrium and balance. This is synonymous with the \u2018re-accumulation period\u2019 seen in past cycles, characterized as several months with little macro direction,\u201d analysts at crypto market intelligence firm Glassnode wrote in a recent note.<\/p>\n<p>These re-accumulation periods, in which traders are buying Bitcoin ahead of the next expected bull run, sees price action in which tokens trade sideways and are volatile for several months, according to Glassnode. \u201cWith the market back at this equilibrium point, it remains to be seen if a similar lengthy and choppy process is needed to overcome it,\u201d the analysts said.<\/p>\n<p>Beyond Bitcoin,<br \/>\n        Ether<br \/>\n      \u2014the second-largest crypto\u2014lost less than 1% to $1,875. Smaller cryptos or altcoins were weaker, with<br \/>\n        Cardano<br \/>\n      down 2% and<br \/>\n        Polygon<br \/>\n      retreating 1%. Memecoins were muted, with<br \/>\n        Dogecoin<br \/>\n      and<br \/>\n        Shiba Inu<br \/>\n       shedding less than 1% each.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/bitcoin-ethereum-price-crypto-markets-today-c9147fb1?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin and other cryptocurrencies slipped on Thursday, continuing to trade in a range that has dominated for weeks but exhibiting a trend in price action that may signal more gains ahead. The price of Bitcoin has fallen less than 1% over the past 24 hours to $30,500. Bitcoin has fallen back since the largest digital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-35143","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Falls Back. 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