Bitcoin and Ethereum prices witnessed an unexpected downfall: Report
According to Cointelegraph, with gas prices declining to multi-month lows and a cooling house market, core inflation witnessed a 0.6% month-over-month bump, and year-to-year inflation stands at 8.3%
Cryptocurrency and stock markets are reportedly suffering the effect post the September 13 inflation report which showed a figure of inflation rising 0.1% on a month-over-month basis, as reported by Cointelegraph.
According to Cointelegraph, with gas prices declining to multi-month lows and a cooling house market, core inflation witnessed a 0.6% month-over-month bump, and year-to-year inflation stands at 8.3%. While it has been predicted by market participants and investors that the upcoming Federal Reserve interest hike to be 0.75 basis points. Many have also been of the opinion that September 13’s CPI report wouldn’t be what they assumed.
On the basis of information by Cointelegraph, the Dow slid by approximately 2.6%, while the S&P 500 and Nasdaq saw a fall of 2.9% and 3.6%, respectively. As a result, volatile assets also went down and Bitcoin price lost over 50% of its recent weekend gains with a nine percent pullback to $20,350. With just a day to go prior to the merge, Ether price retrieved 7.29% to $1,590, and the maximum number of cryptocurrencies in the top 100 are facing single to double-digit losses. With Bitcoin’s price going as high as $22,800, the earlier analysis showed that BTC was heading towards an overhead resistance. Furthemore, the multi-month resistance from Bitcoin’s all-time high held as price fell at $22,400 when the market started and media outlets got the hang of monthly CPI data. The analysis also emphasised on the bear flag continuation trend, which has been taking place since Bitcoin price topped out at $69,000 in November of 2021.
Moreover, Cointelegraph noted that apart from a Merge event which is expected to be bullish, Bitcoin price is anticipated to face a downfall. Market insights have shown that Bitcoin price continues to maintain its 90-day range between $25,400 and $17,600. From a vantage perspective, nothing can be determined unless the price falls below $18,500 or the yearly low of $17,600.
(With insights from Cointelegraph)