{"id":84476,"date":"2023-11-14T14:27:09","date_gmt":"2023-11-14T19:27:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bitcoin-loses-out-on-post-cpi-rally-as-stocks-and-gold-soar-while-cryptos-fall\/"},"modified":"2023-11-14T14:27:10","modified_gmt":"2023-11-14T19:27:10","slug":"bitcoin-loses-out-on-post-cpi-rally-as-stocks-and-gold-soar-while-cryptos-fall","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84476","title":{"rendered":"Bitcoin Loses Out on Post-CPI Rally as Stocks and Gold Soar While Cryptos Fall"},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Bitcoin
\n and other cryptocurrencies were lagging other risk-sensitive assets on Tuesday, falling while stocks and gold surged after the latest U.S. inflation data supported hopes that the Federal Reserve may be finished raising interest rates.<\/p>\n

The price of Bitcoin has fallen 2% over the past 24 hours to below $36,300, briefly slipping below $36,000 earlier. Bitcoin is retreating further from a peak near $38,000 hit last week, which marked the largest digital asset\u2019s highest point since cryptos plunged into a brutal bear market in May 2022.<\/p>\n

\n

Bitcoin\u2014up more than 30% in less than a month\u2014has recently vastly outperformed the stock market, helped by an improving rate outlook as well as hopes that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF).<\/p>\n

But that trend of outperformance was reversing on Tuesday, with the
\n Dow Jones Industrial Average
\n advancing 1.6% and the
\n S&P 500
\n up 2%, while Bitcoin briefly touched its lowest level in six days. This lag among cryptos came in the face of a macroeconomic catalyst that should have buoyed both stocks and digital assets: the latest U.S. consumer-price index (CPI) report, which showed that inflation came down significantly in October.\u00a0<\/p>\n

The encouraging CPI print all-but rules out another rate hike from the Fed in December, and could shift the needle on expectations of whether the central bank will raise borrowing costs again any time soon. Cryptos, like stocks, have shown themselves to be sensitive to the rate outlook, because higher borrowing costs and greater returns on risk-free cash tend to dampen demand for riskier bets, like tokens and equities.<\/p>\n

Another discouraging trend was seen as gold prices surged, with futures contracts tracking the yellow metal up 1%. Geopolitical risks from conflict in the Middle East had recently renewed calls of Bitcoin as a haven asset like gold, but that narrative, too, was fizzling out in Tuesday trading.<\/p>\n

Nevertheless, technical analysis reveals that Bitcoin may still have momentum, and could continue to make gains if it can hold on to crucial price levels.<\/p>\n

\u201cSupport for Bitcoin is at the rising 50-day moving average around $30,900,\u201d said Katie Stockton, managing partner at technical research firm Fairlead Strategies. \u201cThe long-term outlook is improving.\u201d<\/p>\n

\u201cBitcoin thrusted higher last week, taking it above \u2026 resistance near $35,900. This sets up a breakout pending this Sunday\u2019s finish above that level. A breakout would support a continuation higher toward secondary resistance near $42,200,\u201d said Stockton, adding that an upward shift in one weekly technical indicator \u201csuggests this level is achievable in the relatively near term.\u201d<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest token, which has also benefited from hopes that the token could be held in an ETF\u2014slipped3% to $2,050. Smaller cryptos or altcoins were more mixed, with
\n Cardano
\n down 1% but
\n Polygon
\n popping 2%. Memecoins were weaker, with
\n Dogecoin
\n and
\n Shiba Inu
\n shedding 4% each.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies were lagging other risk-sensitive assets on Tuesday, falling while stocks and gold surged after the latest U.S. inflation data supported hopes that the Federal Reserve may be finished raising interest rates. The price of Bitcoin has fallen 2% over the past 24 hours to below $36,300, briefly slipping below $36,000 earlier. 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