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Sam Bankman-Fried Indictment Overshadowed by US CPI as BTC/USD Gains

Sam Bankman-Fried Indictment Overshadowed by US CPI as BTC/USD Gains

Tammy Da Costa, Analyst

Sam Bankman-Fried Faces Criminal Charges While USD Weakness Supports BTC/USD

  • Sam Bankman-Fried arrested in the Bahamas – former FTX CEO faces criminal charges in the United States
  • Binance pauses withdrawals for USDC but cooling US CPI overshadows contagion fears
  • Cryptocurrency rises with risk assets as BTC/USD rises above prior resistance at support around $17,792.
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Cryptocurrency rises despite indictment against former FTX CEO Sam Bankman-Fried

Bitcoin, Ethereum and other risk assets are holding steady despite the fundamental risks that remain key for price action. With US prosecutors filing criminal charges against former FTX CEO Sam Bankman Fried, a softer US CPI print has assisted in driving digital currency higher.

U.S. CPI Cools for the Second Month in a Row: Yields & DXY Lower, S&P 500 Rises

After the implosion of FTX drove BTC/USD to a fresh yearly low of $15,479 in late November, a move higher allowed prices to stabilize above $17,000. With economic data suggesting that US inflation may have peaked, a hold above $17,792 (the 78.6% Fibonacci retracement of the 2020 – 2021 move) could assist in driving the recovery.

BTC/USD Daily Chart

Chart, line chart, histogram  Description automatically generated

Chart prepared by Tammy Da Costa using TradingView

As the $18,000 level looms, Dollar weakness remains prevalent for risk assets. Although the indictment against Bankman-Fried and developments in the FTX case could continue to play a role in guiding the short-term move, price action remains key.

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While BTC/USD faces another big zone of resistance around $18,150, support remains at $17,792 with a move lower bringing the $17,418 zone back into play.

BTC/USD Four-Hour Chart

Chart  Description automatically generated with medium confidence

Chart prepared by Tammy Da Costa using TradingView

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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