Bitcoin has been unpredictable in its price movement over the week and today has been no different, with GDP and core PCE data coming out unfavorably for the markets, we saw stocks under selling pressure but Bitcoin hasn’t reacted the same.
More specifically, BTC tumbled from \(19,400 to \)19,200 following the 0.6% MoM core PCE figure. It then managed to bounce and is currently trading at around $20,150, recording a 4.6% increase in the past 24 hours.
It is too early to tell whether this is a sign of an early decoupling or whether Bitcoin is just lagging before a potential nuke.
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BTC Technical Analysis
Bitcoin is still within the range it established a few days ago, with a demand zone at \(18,700-\)18,500 which provides strong support. However, traders are starting to question whether the support will hold for much longer.
In the next couple of days if the demand zone is breached we can see a quick flush down to \(17,000 because of a long squeeze. It is important to note that in the next two days markets will have low volume and are easier to move so we may see one of the two extremes — \)17,000 or $20,000.
ETH Technical Analysis
Ethereum was able to flip this 4H trendline and break the lower highs, which is bullish. However we are still facing a lot of sell pressure around \(1350. For Ethereum to Pivot towards higher lows, this trend line needs to act as support for the downside and we need to break through the supply zone and test \)1,420.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.