Bitcoin (BTC) treaded water below $28,000 on May 9 as markets prepared for macroeconomic data releases.

Bitcoin stays muted on eve of CPI

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting near $27,700 at the day’s Wall Street open.

The pair had seen deeper losses the day prior, with a tap of $27,300 so far marking the local bottom.

Traders hoped that May 10 would provide some much-needed volatility in the form of the United States Consumer Price Index (CPI) print for April.

One to watch, #CPI figures due out tomorrow. High CPI to cause decline in risk assets and low CPI to cause a rally pic.twitter.com/gnjGt1XuPV

— Matthew Dixon – CEO Evai (@mdtrade) May 9, 2023

“Bitcoin still trending downwards, as $27,800 now becomes resistance. I’m expecting a sweep lower again, and then we’re ready to long your longs in anticipation of CPI,” Michaël van de Poppe, founder and CEO of trading firm Eight, told Twitter followers in an update.

Van de Poppe added that a bullish divergence in transaction volume was also needed to sustain a recovery.

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Author: William Suberg

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