On September 11, Bitcoin faced a downturn, erasing recent gains as the U.S. Presidential debate left investors wanting more clear support for cryptocurrency policy. The BTC/USD pair saw a sharp $1,000 decline within an hour at the daily close, touching lows of $56,099 on Bitstamp according to data from Cointelegraph Markets Pro and TradingView.
The debate, featuring Donald Trump and Kamala Harris, did not provide the crypto-specific assurances that investors had hoped for. Trading firm QCP Capital expressed disappointment, noting on Telegram, “The crypto market was also disappointed by the lack of comments related to crypto policy.” The firm also hinted at potential volatility as the U.S. Presidential election approaches, suggesting a “risk-off move in risk assets” could be likely.
Attention in the crypto market has begun shifting from the debate to economic indicators, with the August Consumer Price Index (CPI) figures due for release. QCP Capital remarked, “With this macro event behind us, attention now turns to tonight’s CPI release,” anticipating the CPI to register at 2.55% compared to the previous 2.9%. They speculated on a possible upside surprise but expected minimal market impact as focus shifts towards unemployment data.
Crypto trader Michaël van de Poppe commented on the potential for Bitcoin’s momentum post-CPI and Producer Price Index (PPI) releases, suggesting that the day’s price movement was a typical pre-event correction. “Just a regular correction happening currently with CPI coming up. We’ll be good if $55-56K holds,” he stated on X.
Adding to the technical analysis, Daan Crypto Trades pointed out Bitcoin’s struggle to breach the 200-period simple (SMA) and exponential moving average (EMA) on the 4-hour chart, identifying these averages at $59,200 and $58,840 respectively. He argued that Bitcoin’s position relative to these averages could indicate the overall market strength or weakness, noting, “Bulls would want to retake those to get a further bounce going.”
