Bitcoin prices experienced volatility following a positive CPI report that indicated slowing inflation, yet stock markets declined, reflecting a lack of optimism. Significant price levels are being monitored by traders, with the entity known as ‘Spoofy the Whale’ potentially influencing future BTC movements. Investors are cautioned to conduct independent research before trading.

On April 10, Bitcoin prices struggled to maintain gains following the March Consumer Price Index (CPI) release, despite positive inflation data. Observations from Cointelegraph Markets Pro and TradingView indicated increased price volatility around the CPI announcement, which showed slower inflation amid disruptions from US trade tariffs. However, the S&P 500 and Nasdaq Composite Index dropped 3% and 3.7%, respectively, at the onset of trading, indicating a lack of optimism in the markets despite the favorable inflation report.

The Bureau of Labor Statistics noted that, while the CPI report might encourage risk asset investors, stocks remained unresponsive. The Kobeissi Letter suggested that strong job reports and lower inflation could empower President Trump to intensify the trade war. Additionally, they noted that core CPI inflation had hit its lowest point in four years, hinting at significant economic changes that tariffs had yet to influence.

In terms of Bitcoin pricing, market participants observed a cautious sentiment following the announcement that the US would pause most tariff implementations for 90 days. Trader Daan Crypto Trades emphasized that a price reclaim to at least $83,000 was crucial for bullish momentum. He highlighted recent strong movements in Bitcoin prices post-announcement, suggesting a chart indicating key trend lines and essential levels for bulls to surpass.

Keith Alan from Material Indicators analyzed the daily chart, highlighting the resistance at the 21-day simple moving average (SMA), which had been previously rejected. He noted an increase in Bitcoin bid liquidity, forecasting another attempt to break through resistance levels. Alan mentioned the influence of significant traders on liquidity and price action, specifically referencing an entity nicknamed “Spoofy the Whale,” which could significantly affect Bitcoin’s trajectory. He articulated optimism about reaching a price of $93.3k as a potential gateway to six-figure Bitcoin valuations, depending on market movements from large-volume traders.

The article refrains from offering investment advice, underscoring the importance of conducting thorough research before making trading decisions, as all financial ventures involve inherent risks.

In summary, the recent CPI data reflected a reduction in inflation yet failed to bolster Bitcoin prices, which saw volatility alongside US stock market declines. Although cautious sentiment persists, traders are eyeing critical price levels, notably $83,000, for bullish momentum. The influence of substantial traders, such as ‘Spoofy the Whale,’ may dictate future price movements, underscoring the complex interplay between macroeconomic conditions and digital asset trading. Investors are advised to thoroughly consider their strategies given the inherent risks involved in trading.

Original Source: www.tradingview.com

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