The crypto market is retesting critical support areas as the U.S. Consumer Price Index (CPI) print surpasses expectations. The metric is used to measure inflation in the U.S. dollar, and it recorded an 8.6% increase year-over-year (YoY), the highest since 1981.
Related Reading | TA: Bitcoin Bears Keep Pushing, Why BTC Could Still Nosedive
This could turn the U.S. Federal Reserve (FED) more aggressive in its attempts to stop inflation. The financial institution began tightening its monetary policy which has translated into a reduction in global liquidity, and negative performance for risk-on assets, such as Bitcoin.
The price of Bitcoin is back at $29,400 with a 3% and 3.5% loss in the last 24-hours and 7-days, respectively. The cryptocurrency made several attempts at returning to previous highs, but market conditions have contributed to an increase in selling pressure.
BTC trends to the downside after the U.S. CPI print on the 4-hour chart. Source: BTCUSD Tradingview
A pseudonym trader presented two potential scenarios for Bitcoin in the coming months. T ..
Support the originator by clicking the read the rest link below.
