BTC has dropped over $2,000 in the last 24 hours – Market Bitcoin News

Cryptocurrency prices fell in today’s session as markets reacted following the recent US inflation report. Bitcoin fell more than $2,000 in the past 24 hours as consumer prices in the United States fell below expectations. Ethereum was also in the red as the token fell below $1,600.


Bitcoin (BTC) was trading lower in today’s session as markets continued to react to the latest US inflation report.

Following a high of $22,673.82 on Tuesday, BTC/USD dropped to a low of $20,062.67 earlier today.

Markets had expected the August consumer price index (CPI) to come in at 8.1%, down from 8.5% a month earlier.

Bitcoin, Ethereum Technical Analysis: BTC has fallen over $2,000 in the last 24 hours.
BTC/USD – Daily Chart

But with CPI coming in at 8.3%, traders’ confidence faded, leading to bloodshed in the crypto market.

Looking at the chart, this sell-off followed a false breakout of the $22,600 resistance point, with prices now hovering around a key support point.

As of writing, BTC/USD is trading at $20,164.21, slightly below the $20,600 floor.

If the bearish sentiment persists throughout the day, we could see traders targeting the lower support level at $19,300.


Ethereum (ETH) is under attack, as the token fell below $1,600 a day before the consolidation event.

Less than 24 hours after hitting a high of $1,637.05, the world’s second largest cryptocurrency fell to $1,564.03 on Wednesday.

The fall of ETH/USD saw the token hit its low point last week, taking it to the long-term floor of $1,550 in the process.

Bitcoin, Ethereum Technical Analysis: BTC has fallen over $2,000 in the last 24 hours.
ETH/USD – Daily Chart

Bulls have resisted the crash below this point so far, with many opting to re-enter and buy the current dip.

As of writing, ethereum is currently trading at $1,594.08, with bulls hoping to bounce back above $1,600.

Many still expect ETH to rally in the coming days, hoping for tomorrow’s consolidation and long-term implications.

Register your email here to have weekly price analysis delivered to your inbox:

Do you expect the sentiment in ethereum to change in the coming days? Leave your thoughts in the comments below.

Ilya Dumbledore

Elliman brings a unique perspective to market analysis, having previously been a brokerage director and retail trade instructor. Currently, he works as an analyst in various asset classes including Crypto, Stocks and FX.

Image credits: Shutterstock, Pixabay, Wiki Commons

DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *