Bitcoin bulls fight for $19,000 despite bearish PPI release
Despite having lost the $19,000 support yesterday, Bitcoin bulls have continued to fight for this critical level, pushing the market leader above the line yet again.
Currently trading above $19,000 BTC is showing surprising strength despite the PPI figures that came out higher than expected, at 0.4.
Meanwhile, the S&P 500 is trading between 3,636-3,572 unable to move one way or the other but tomorrow’s CPI number could finally force stocks and crypto markets to pick a direction.
Top altcoin gainers and losers
Huobi Token HT (+19.52%)
Hedera Hashgraph HBAR (+6.50%)
Convex Finance CVX (+6.14%)
Terra Classic USD USTC (-18.76%)
Toncoin TON (-15.44%)
ApeCoin APE (-7.57%)
Among the losers today, APE merits mention since the SEC has, reportedly, started looking into Yuga Labs, the creators of Bored Ape NFTs.
BTC Technical Analysis
We can see numerous wicks around the current range’s point of control (POC) at \(19,166, showing clear signs of sell pressure around this key S/R flip. Bitcoin is yet to test the trend line mentioned in [yesterday’s update](https://coin360.com/news/bitcoin-falls-below-19000-as-CPI-numbers-draw-near), however, failure to breach through \)19,166 increases the chances of a retest before Bitcoin makes any significant price move.
\(18,600-\)18,400 remains the first major support range, and while market participants have come to rely on this zone, a volatile break below it could trap longs and pave the way for new lows.
ETH Technical Analysis
Ethereum is still undergoing a Bollinger band squeeze on the daily time frame and we can expect a relatively explosive move sooner rather than later. On top of that, we can also see a double top or ‘M’ formation on the daily, which is another bearish pattern. The target for this double top, if it materializes, is \(1,170 but the price of ETH could go down as far as \)1,1150.
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.