Bitcoin price CPI gains last just 1 hour as Mt. Gox sell-off fears linger
Bitcoin ( BTC ) spiked to new one-week highs on July 11 as United States macroeconomic data delivered a bullish surprise.
Bitcoin quickly erases a trip to one-week highs
Data from Cointelegraph Markets Pro and TradingView showed a rapid but brief BTC price climb to $59,516 on Bitstamp.
This followed the June print of the US Consumer Price Index (CPI), which showed inflation slowing beyond expectations.
Year-on-year and month-on-month CPI both came in 0.1% lower than forecast, leading to a positive reaction across both crypto and US stock markets.
“The all items index rose 3.0 percent for the 12 months ending June, a smaller increase than the 3.3-percent increase for the 12 months ending May,” an accompanying press release from the US Bureau of Labor Statistics confirmed.
“The all items less food and energy index rose 3.3 percent over the last 12 months and was the smallest 12-month increase in that index since April 2021.”
Nonetheless, the initial gains proved shortlived, with BTC/USD quickly erasing the $1,000 it had initially added.
“Inflation coming down faster than expected. Local higher high for Bitcoin in response,” popular trader Jelle summarized on X (formerly Twitter).
“Time to let the dust settle, but safe to say it's much stronger than it was at the start of the month. Reclaim $60,000 and things will look much better.”
$60,000 remained the key level on the radar for market participants, with fellow trader Wolf identifying it as a target for a resistance flip.
“The 60-61.6k range is where the strongest resistance lies, due to horizontal and weekly 21EMA barriers,” he told X followers, referring to the 21-week exponential moving average at $60,900.
“If this level is cleared, the bulls will regain control.”
As Cointelegraph reported, other important lines in the sand within the Bitcoin bull market include the 200-day moving average and short-term holder cost basis, the latter still high above spot price at $64,088, per data from onchain analytics resource Look Into Bitcoin .
Short-term holders, the name given to the more speculative end of the Bitcoin investor cohort, held up to 2.8 million BTC at a loss when price hit four-month lows of $53,500 last week.
BTC price sentiment beholden to Mt. Gox pressure
The mood overall meanwhile remained cautious, as markets anticipated the start of distribution of coins belonging to creditors of defunct exchange Mt. Gox.
Related: Bitcoin traders’ profit margins repeat 2022 bear market — New research
Crypto commentator Zen suggested that a BTC price “nuke” could still result as funds hit exchanges, with two days required for the market to rebalance itself.
That view also held beyond trading circles, with Jamie Coutts, chief crypto analyst at financial services firm Real Vision, arguing that it would ultimately be a cathartic process.
“While painful in the short term, the distributions of the Mt.Gox reserve and government sales remove the annoying supply overhang, helping distribute coins to a wider array of holders, thereby growing the network and leaving Bitcoin even better off than before,” he wrote on X on July 10.
Coutts referenced ongoing BTC sales from the German government, which Cointelegraph continues to report on .
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Nexchain Raises $1.5 Million in Presale: Is This the Top ICO of 2025?
Nexchain has actual tech, a trustworthy team, a clear plan, and a utility and long-term coin. Its $1.5 million early success is more than hype, it shows that seasoned investors see the possibilities.Nexchain: Best Crypto ICO of 2025Other Major Crypto Presales to Look Out ForFinal Words: Nexchain, the High-Potential ICO to Invest In

Anchorage Digital Buys USDM Issuer Mountain Protocol
Anchorage Digital acquires Mountain Protocol to boost its stablecoin portfolio with regulated USDM.Anchorage Digital Expands with Mountain Protocol AcquisitionWhy This Acquisition MattersA Growing Role in Crypto Banking

$6B USDT Inflows Spark Altcoin Surge
Tether injects $6B into the market, fueling altcoin momentum as Ethereum gains dominance.Altcoin Rally Fueled by USDT InjectionsEthereum Gains, Bitcoin Loses GroundAltcoins Catch the Momentum

Can Unstaked 1000x & Hit Top 30 Market Cap? Analysts Think So – More on Ethereum Insights, Pi Price Surge
Unstaked’s $0.008481 presale could deliver 1000x returns and a top 30 market cap. Get expert insights on Ethereum’s Pectra upgrade and the latest Pi (PI) price surge.Unstaked: The Next MATIC Moment?Ethereum (ETH) Insights: Pectra Upgrade Sparks OptimismPi (PI) Price Surge: Can It Break Out of Consolidation?Wrapping Up

Trending news
MoreCrypto prices
More








