Bitcoin once again struggled to break through its key resistance level in the face of new consumer price index data, coiling back to its starting point after nearly breaching the $31,000 mark.by Glassnode co-founder Yann Allemann, the quick rise and subsequent fall of the cryptocurrency was driven by carefully placed buy and sell walls designed to limit volatility. The muted reaction of Bitcoin to the CPI data suggests that it may already have priced in the economic indicators.
The Bollinger Bands, a tool used by traders to identify periods of high and low market volatility, tightened to their lowest level since January just before the release of the CPI data. This tightening precipitated an abrupt upward movement in Bitcoin's price. However, this surge was short-lived as buy and sell walls, set up in anticipation of volatility, successfully dampened the expected price fluctuations.
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