Bitcoin hovers near its 200-day moving average of $73,200 as ETF selling pressure eases, while AI stocks rally following a strong earnings report from CoreWeave.
CoreWeave's earnings beat drove the stock up 14% and fueled a rebound across battered AI stocks, reviving the AI outlook. A hard earnings beat with a double-digit price move is a clear positive surprise for the shares.
Hot CPI of 0.4% cemented prospects for more aggressive Fed rate hikes, with traders pricing a 90% chance of a quarter-point hike. Treasury futures fell on this outlook, which corresponds to benchmark yields rising, so the yield direction is higher.
Consumer prices rose a greater-than-forecast 0.4%, and traders now price a 90% chance of a quarter-point Fed rate increase per CME FedWatch. A more hawkish Fed path is directly supportive of the dollar in the coming days.
ZEC is down 19% this week to near $980 after a bearish weekly RSI divergence marked the top near $1,720. The chart analysis points to a real support test around the $680-$700 confluence of the 0.618 Fibonacci level and the 50-week EMA, leaving room for further downside.
Hot CPI of 0.4% and a 90% priced chance of a Fed rate hike weigh on risk appetite, while spot bitcoin ETFs saw a fourth straight day of outflows ($95 million Tuesday, though slowing from $430 million Thursday) and $725 million in liquidations. Bitcoin hovers near its 200-day average (~$73,200) and is below its 365-day average of $76,400, which CryptoQuant says must be reclaimed for a bullish structure. Against this, the sub-1% dip suggests selling pressure is fading.
Bitcoin remains resilient, falling less than 1% despite a hot 0.4% CPI print and a 90% probability of a Fed rate hike. While spot Bitcoin ETFs recorded a fourth consecutive day of outflows, the selling pace slowed to $95 million on Tuesday, contrasting with the broader market where CoreWeave shares surged 14% on an earnings beat.
CoreWeave jumped 14% after its earnings beat, helping fuel a rebound across AI stocks.
The hotter-than-expected 0.4% CPI print cemented expectations of further Fed rate hikes, pushing Treasury futures lower, which implies rising yields.
The hotter-than-forecast 0.4% CPI led traders to price a 90% chance of a quarter-point Fed rate hike, which supports the dollar.
The article points to the confluence of the 0.618 Fibonacci level and the 50-week exponential moving average around $680-$700 as the real support test.
Bitcoin dropped less than 1% over 24 hours, and ETF selling slowed sharply to $95 million on Tuesday from $430 million on Thursday, so the pressure that hit leveraged futures traders did not fully reach spot demand.
CryptoQuant puts the 200-day moving average near $73,200 as the line between a shallow and deeper correction, and the 365-day average at $76,400 as the level needed to restore a bullish structure.