This week's Bitcoin close is much more important than most people think. Bitcoin has already closed in the red for 5 consecutive weeks, and the sixth week has also started in the…
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🚨 This week's Bitcoin close is much more important than most people think. Bitcoin has already closed in the red for 5 consecutive weeks, and the sixth week has also started in the red. Along with …
🚨 This week's Bitcoin close is much more important than most people think. Bitcoin has already closed in the red for 5 consecutive weeks, and the sixth week has also started in the red. Along with that, BTC has lost its 50-week moving average for the first time in two months, a level that often helps identify whether the market is in a bull or bear trend. And this is happening just as two major U.S. inflation reports are coming out this week. • CPI is coming tomorrow, with expectations at 3.9%. • PPI is coming this Friday, with expectations at 6.6%. Last week's strong jobs report has already increased concerns about another Fed rate hike in December. If inflation comes in hotter than expected, those fears could grow further and put more pressure on Bitcoin. Now the weekly close becomes even more important. If BTC finishes this week in the red, it would mark 6 consecutive weekly losses, a pattern that has historically appeared only during bear markets. Another close below the 50-week moving average would add to the weakness, raising concerns about whether Bitcoin is entering a longer bearish phase and whether the pump above $83K was a fakeout.
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