Things might get ugly if BTC breaks below this level

Edward Moya, an analyst at Oanda, says that the price of bitcoin is still having trouble, even though it has recently made a big comeback. The price of Bitcoin will change over the next few months based on whether or not bears can push it below $17,600, which is the low for 2022. For example, more people can now engage in Bitcoin trading through platforms like Immediate Edge platform. If Bitcoin falls below the level mentioned above, there will likely be a lot of “technical selling.”

This way of selling security is based on how it works technically. According to a study by the U.S. government, the price of bitcoin has dropped significantly. We didn’t expect inflation to be as high as it has been. This drop happened on Thursday.

On the other hand, the most prominent cryptocurrency quickly made up for its early losses and ended the day with a profit. Because of this, the market went up and down strangely. The S&P 500 and other extensive stock market indexes had their best comeback in a few years. When stock traders heard this, they were shocked. For a few years, things had been getting better. 

Since this morning, Bitcoin, the most popular cryptocurrency, has dropped to $19,600. Early today, it was almost back to the critical $20,000 mark. On the other hand, in the past few days, the price of Bitcoin has dropped below that level. Cardano’s Daedalus Wallet got a significant update, and this page lists all the new features. 

Because of this, the price of Bitcoin will keep going up. The price of Bitcoin is likely to keep going up because of this. This is because the most critical factor in how people feel about the market is still how much Bitcoin is used. This is happening because Bitcoin’s market share has been pretty stable over the last few weeks, which has helped make this happen. 

People have been very down on the market for most of this year. Bitcoin moved into the “neutral” zone in August, but the cryptocurrency’s lousy performance in September killed any chance of a quick recovery. 

Thursday, the Bureau of Labor Statistics in the United States released the consumer price index (CPI) for September. The price of cryptocurrencies fell even more during the early morning trading session.

The Consumer Price Index (CPI) went up by 0.4% from the same month last year, bringing the total increase to 8.2%. The market thought it would be 8.1%, a significant improvement. Also, the “core” Consumer Price Index (CPI), which doesn’t include changes in fuel or food prices, went up by 0.6% from the month before. 

Even though this rise was the same as the one in August, most people were surprised by how big it was. Since last year, the core Consumer Price Index has increased by 6.6% in 1982. 

During trading that took place early in the morning, the price of bitcoin (BTC) dropped by more than 4%. Even though Ethereum (ETH) had already lost more than 6% of its value, it lost even more. 

Most of the other significant cryptocurrencies also lost a lot of value. In the last 24 hours, XRP (XRP) has lost more than 5% of its value. Both Cardano (ADA) and Solana (SOL) lost more than 7% of their value, and Solana (SOL) lost more than 8%.

Bitcoin’s value has dropped by about 60% since the beginning of the year. It’s a big problem that it costs less than $20,000 now. Since the beginning of the year, the price of Ethereum has dropped by more than 67%, and it is now worth about $1,200. In November 2021, the price of Ethereum reached its all-time high of almost $4,900. Since that all-time high, the price has gone down a lot.

Even the traditional markets seemed to be falling. In the first half hour of trading, the Nasdaq Composite lost more than 2% of its value. The Dow Jones Industrial Average (DJIA) and the Standard & Poor’s 500 lost more than 1% simultaneously.