Bitcoin (BTC) It fell even deeper last night, a day after the release of the US Consumer Price Index (CPI). Inflation in the US has reached 8.6%, the highest rate in more than 40 years, and this is causing a lot of fear and uncertainty in the financial markets. Bitcoin took another hit last night.
Bitcoin Price Dropped 8% This Week
The Bitcoin price This week started with a nice increase. However, Bitcoin then failed to break through $31,500 and quickly fell back below $30,000. Then Bitcoin was a huge success bounce, bounce He returned that $31,500, but again failed to break through.
Bitcoin then found support around $30,500, but it wasn’t really very stable and by noon on Friday, the price had gradually dropped towards $30K. Then the US inflation data came out and the stock markets started turning deep red.
Bitcoin held for stocks, and more AltcoinsStill in fairly good condition. However, BTC fell straight to $29,000 and didn’t stop there. Bitcoin plunged deeper yesterday afternoon, then found support around $28,500, but also fell overnight.
Bitcoin reached $27,500 early this morning with a dip to $27,250. BTC is currently priced at $27,550 Binance and 26,200 euros Petavavo† This means BTC price is negative 6% today and 8% this week.
BTC dollars Modernization
The key level is broken. pic.twitter.com/jtYt0M7Z7R
– il Capo Of Crypto (@CryptoCapo_) June 12 2022
Bitcoin drops below the range, how deep can the price go?
This means that Bitcoin is now below the range the price has been stuck in since mid-May. This makes it very likely that we will too lows Will look again around $27,000. The price dropped shortly after Terra (LUNA) crashed to an average price of $26,600, but bitcoin briefly fell below $25,000 on some exchanges.
Bitcoin recently closed in the red for 9 consecutive weeks, but it finally managed to break that trend last week. However, it seems very likely that the price will close again in the red today. To prevent this, Bitcoin would have to suddenly rise very quickly today, but that opportunity seems very small at the moment.
Despite this, we may see a rebound towards the $34,000-$35,000 region in the coming weeks before Bitcoin drops deeper. More and more analysts and market participants now fear the 200-week test moving average, about $22,300. This means that this gradually turns into a file prophecy Become. There will be something else wick About $18,000 – $20,000.
The last time we bounced 2x of 55wma, instead of the expected 50wma.
28k is critical support. I still think we’re more likely to see a bounce here to 38K than we’ll see 200W or 200W. Simply because everyone is already expecting it to happen.
– // 🆙 maxi 🪃 (@888Velvet) June 12 2022
Will the FOMC cause more concern next week?
With inflation rising, there is a good chance that the Federal Reserve, the US central bank, will raise interest rates further next week. There is a good chance that the Fed will raise interest rates by 0.5 percentage point for the second time this year. This will be the first time the Fed has done this in a year since 1994. Some economists even fear an increase of 0.75 and there is a good chance that this will continue all summer. This could increase selling pressure on riskier assets, including bitcoin. The next meeting of the Federal Open Committee (FOMC) is scheduled for June 14-15.
Weekly candles 🕯️
(pending closing) # encryptCash is a long-term TRASH.
Cash is king, while taking risks with Qt environments.# DXY
)# bitcoin
)# Ethereum
)#nasdaq
)#SP500
)– Plan ©️ (TheRealPlanC) June 12 2022
Some Bitcoin Investors Are Already Buying Dips
However, some investors see this period of intense fear as a moment to buy in advance. Periods of intense fear usually form around the bottom and these investors are hoping to catch up early. Precise targeting of a very low point usually does not work. However, it may be some time before we see a true trend reversal.
Bitcoin continues to dry up on exchanges and hits a new low. pic.twitter.com/33pZdQPHC5
– Lex Moskovsky (@mskvsk) 11 June 2022
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If the rate hits 20x, you’ll see most clip calls for 10k or less. This will be the bottom confirmation.
– il Capo Of Crypto (@CryptoCapo_) June 12 2022
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and advice provided on this website is based on our analysts’ own insights and experiences and is for educational purposes only.
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