It was just a week ago that Bitcoin had started its recovery, but couldn’t hold on to it for long as the flagship currency started this week on a bearish note. While still, the currency is struggling to shed its bearish pull, the upcoming US inflation numbers are expected to pull down Bitcoin even more.
The world’s first currency is trading at $19,688 at the time of publication with a drop of 0.45% in the last 24hrs.
Even the overall crypto market has also succumbed to bear control as investors and traders are all cautiously waiting for the inflation figures ahead.
As per the reports, investors are of the opinion that if the inflation figures are 8.8% or more, the Federal Reserve will tighten the monetary policies further. On the other hand, if the inflation is below 8.5% will see dollar drops overall whereas the crypto will surge beyond 5%
Bitcoin Price Plunged 58% In 2022
Bitcoin’s 58% price drop in 2022, is the result of Federal rate hikes, Terra (LUNC) collapse, along with Three Arrow Capital’s insolvency.
Today, the global crypto market is positioned at $884.8 Billion with a drop of more than $3 trillion during the month of November.
At the start of this week, Katie Stockton, technical analyst, and Fairlead Strategies co-founder claimed that when the long-term is considered, there is an increase in bearish momentum. As per the analyst, Bitcoin might see a drop between $18,300 to $19,500 level.
Even altcoins have seen a significant drop in the past few weeks where there are mixed signals.
During multi-week trading, Ethereum has lost $200 as the currency is selling at $1,076 with an increase of 0.40% in the last 24hrs.
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Source: https://coinpedia.org/bitcoin/bitcoin-price-on-a-recovery-mode/