Bitcoin falls below $19,000 as CPI numbers draw near
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
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.