BTC, ETH, altcoins and stock prices plummeted due to more than anticipated CPI report and this scenario is wide covered by Bitcoin pr news distribution service . Do we have room for a quick improvement?
Stock markets and crypto are feeling the pinch following the September. 13, inflation data released an unintentionally hot number which showed inflation in the headlines growing by 0.1 percent month-over-month.
With gas prices dropping to lows of several months and an ebb in the housing market, the core inflation was a 0.6 percent increase month-over-month and year-to-year inflation is 8.3 per cent.
Although market players and traders had projected the coming Federal Reserve interest hike to be quite substantial 0.75 percentage points a lot of people also subscribed to an unsubstantiated assumption that sept. 13’s CPI report would be lower than expected and this scenario is wide covered by Bitcoin press news distribution service .
In light of the fact that the market claimed to have “priced in” a 0.75 bps rise, traders were expecting Bitcoin ( BTC) and Ether ( ETH) and a few other altcoins to move up.
The complete opposite has happened.
Permabull Fed pivot CPI traders REKT. LOL– Big Smokey (@big_smokey1) September 13, 2022
The Dow dropped around 2.6 percent, while Nasdaq and the S&P 500 as well as Nasdaq dropped 2.9 percent and 3.6 percent and 3.6%, respectively. Naturally, the riskier assets declined and Bitcoin price has lost more than half of its gains over the past weekend and a 9.9% drop to $20,350. There’s only one day left prior to merging Merge, Ether price also decreased 7.29 percent to $1,590 as a majority cryptocurrency within the 100 top cryptocurrencies are suffering one- to double-digit losses at the moment.
The Bitcoin rally that began on September. 9 lasted to the beginning of this week and saw the price climb up to $22,800, an earlier analysis suggested it was possible that BTC was trading close to the top of a major overhead resistance.
As you can see below in the chart below, Bitcoin press release distribution service , the multi-month resistance of Bitcoin’s record-breaking high was held when the price fell to $22,400 after the market opened , and monthly CPI information hit the media. The analysis also pointed out an “successive bear flag continuation” trend that has been going on since Bitcoin price reached $69,000 on November. 10 2021.
The Dow fell around 2.6 percent, while Nasdaq and the S&P 500 as well as Nasdaq declined 2.9 percent and 3.6 percent according to. Naturally, risky assets too declined and Bitcoin price lost more than half of its gains over the past weekend with a decline of 9% to $20,350. With only one day prior to it’s time to Merge, Ether price also decreased 7.29 percent to $1,590 which means that the vast majority the cryptocurrencies that are in the 100 top cryptocurrencies are suffering single-digit to double-digit losses as of the moment.
As Bitcoin’s rally on September. 9 continued into the beginning of the week and saw the price climb up to $22,800, an earlier analysis suggested the possibility that BTC was trading close to an important overhead resistance.
As can be seen in the following chart in the chart below, the multi-month resistance of Bitcoin’s all-time record high remained in place as price fell to $22,400 after the market opened and monthly CPI information hit the media. The analysis also pointed out that “successive bear flag continuation” trend which has been taking place since Bitcoin price hit $69,000 on November. 10 2021.
In the absence of a highly positive Merge event The trend for Bitcoin remains on the lower side.
An important point to take note of is that, despite September. 13’s appreciation, Bitcoin value continues to fluctuate throughout its 90-day period (pink box) between $25,400 to $17,600. From my perspective I can say that I’m able to say that “nothing to see here” until the price reaches $18,500, Bitcoin press release distribution ,or the year-long lowest of $17,600.
