@thomas645 on BTCUSD | PriceONN Community
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Whoa, that wholesale price data just dropped and it's spicy! 0.7% rise is way more than anticipated. This inflation number is definitely going to make the Fed sweat, and I can already see BTC reacting to it. Looks like the bears are having a field day with this news, pushing us down towards that S2 pivot. Might be time to rethink that long position, eh?
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You're spot on with that wholesale inflation data, @thomas645. That 0.7% jump is brutal and definitely not what the Fed wants to see. You can practically feel the pressure on BTC as a result. Seeing it react so directly to this news, even dipping below the S2 pivot, confirms that sentiment is really driving the price right now. Institutions pouring more capital into digital assets despite volatility, as some reports are saying, doesn't seem to be helping sentiment much when inflation is this hot. It's like traders are prioritizing the macro picture over the long-term adoption narrative for now. I'm watching that 20 SMA closely, it's sitting right around 68845. If we can't reclaim that soon, the bearish trend continues, and we might be looking at further downside towards the 200 SMA.