Bitcoin price loses $20,000 level, pending CPI data

Bitcoin price loses $20,000 level, pending CPI data

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Answer Bitcoin price loses $20,000 level, pending CPI data

According to Santiment, sentiment towards Bitcoin is seeing an unprecedented level of optimism in the second half of July as the community awaits key inflation data.

Analytics firm Santiment suggested and predicted that the crypto audience will remain skeptical while prices rise with little or no resistance.

Currently, few crypto market analysts remain optimistic about Bitcoin’s price movement ahead of the release of CPI data.

As for cryptocurrency analyst Ali Martinez, he tweeted the following analysis:

TD Sequential is providing a buy signal on the four-hour Bitcoin chart.

If the 100-hour moving average stays at $20,400, bitcoin could bounce back towards the 200-hour moving average at $21,900.

If it fails to hold above the 100-hour mark, the moving average could bring its price down to $19,000.

As analyst Lark Davis tweeted:

Bitcoin Highs and Higher Lows…Potential Start of an Uptrend?

Don’t get too excited about anything until we get the CPI data on the 13th (tomorrow, Wednesday).

Unfortunately, the macro is still driving the cryptocurrency market!

Traders will closely watch the US CPI report expected for tomorrow, July 13th.

Inflation in the US is expected to rise to 9%, a new high in four decades, supporting the Federal Reserve’s case for a significant increase in interest rates in July.

Read:Why could 2022 be the year of regulation for the cryptocurrency market?

Monday saw both European markets and US stock futures drop as investors awaited the crucial second-quarter earnings season for clues about how companies will deal with the inflationary turmoil.

Read:The Bitcoin network continues to boost its growth with the hash rate doubling since June 2021

Price pressures, monetary tightening and a faltering global economy continue to grapple with markets.

The start of the week on the cryptocurrency market was a cautious start as Bitcoin started to fluctuate above the $20,000 level, falling further at press time and losing the $20,000 level.

The second largest cryptocurrency, Ethereum, lost the support of $1200 and then $1100 to fall back to the $1,000 level that it is still trying to maintain.

The decline affected most of the large altcoins, which made the total market value fall below $900 billion.

Read also:

Find out the amount of Ethereum deposited in the Ethereum 2.0 deposit contracts!

NFT OMNI platform exposed to abuse with loss of $1.4 million in Ethereum

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