Bitcoin briefly lost $19,000 today as CPI numbers draw near and the predominant downtrend continues. The S&P 500 also had a rough start to the day, down around 1% in the very first hour.
Bulls will do well to wait for the CPI numbers and potential economic policy changes before banking on a proper reversal for crypto and equities.
Top altcoin gainers and losers
Gainers
- Terra Classic USD USTC (+29.63%)
- Fei USD FEI (+12.93%)
- Maker MKR (+3.67%)
Losers
- Ethereum Classic ETC (-8.47%)
- Ravencoin RVN (-8.21%)
- NEAR Protocol NEAR (-8.18%)
BTC Technical Analysis
Earlier in the week Bitcoin broke out of the weekly trendline from November 2021, and now appears to be coming back for a retest of \(18,000. If it bounces from there, it could present a textbook opportunity for a long position. On the flipside, a breakdown below \)17,700 could see the price dropping sharply toward new lows.
ETH Technical Analysis
Looking at the Ethereum chart, the high-timeframe Bollinger band squeeze stands out. Given the predominant price action over the last two days, a break toward the downside appears most likely and is backed by the ETH/BTC pair’s performance. For now, we are looking toward the $1,000 level for signs of support in the event of a breakdown.
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.
