Bitcoin (BTC) held firm at the Sept. 10 Wall Street open as bulls refused to allow a BTC price comedown.
BTC price volatility expected as macro data flows in
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retargeting $57,000 after a modest dip to $56,530 on Bitstamp.
Risk assets avoided major moves in advance of the United States August Consumer Price Index (CPI) print on Sept. 11, this due along with the first Presidential debate between candidates Donald Trump and Kamala Harris.
“Macro uncertainty dominates the crypto market ahead of the presidential debate, with the 30-day correlation to the MSCI World Equity Index reaching 0.6, near a 2-year high,” trading firm QCP Capital wrote in part of its latest bulletin to Telegram channel subscribers.
QCP revealed keen interest in BTC price volatility returning over the coming 24 hours, with the options market “implying a movement of more than 3.3% from the current spot of 56.8k by tomorrow’s expiry post debate.”
“While BTC is generally seen as the ‘Trump trade’ due to his vocal support for crypto, we believe the real surprise could come from Harris if she brings up crypto positively during her campaign,” it continued.
The sense of anticipation among traders was heightened in light of the previous week’s performance, where BTC/USD slipped below $53,000.
“World stocks erased a MASSIVE $4.1 trillion market cap last week, the largest drop in 2 years,” trading resource The Kobeissi Letter noted in part of a dedicated X post on Sept. 9 alongside data from Bloomberg Terminal.
“This is twice as much as the previous largest drawdown in 2024.”
While BTC/USD was up 3.7% from the weekly open at the time of writing, however, market participants suggested that it was too early for optimism.
“Nice 1D close however still more confirmations are required for the divergence to play out,” popular trader Skew explained on the day, referencing an emerging bullish divergence on the relative strength index (RSI).
“1st confirmation would be reclaim of previous lows, $57.4K area.”
Skew added that RSI should sustain above 50 to provide additional confirmation of the recovery. At the time of writing, daily RSI was at 44.9.
“So far it’s the same lackluster follow up + lack of urgency we’ve seen after every pump,” fellow trader Crypto Chase told X followers.
‘As said last night, no trade for me atm because this market has yet to prove it can provide proper bullish continuation. Show me it can and I’ll be more open to them in the future.”
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