Leading digital currency keeps dropping since CPI release day
Bloomberg Terminal data shows that the flagship cryptocurrency, Bitcoin, has almost reached a two-month low, now trading at the $26,372 level.
BITCOIN HITS NEAR TWO-MONTH LOW, LAST DOWN 2.3% AT $26,378.00
— *Walter Bloomberg (@DeItaone) May 12, 2023
Previously, Bitcoin was seen at that price mark in the middle of March, more or less two months ago. As reported by U.Today earlier, over $142 million worth of cryptocurrencies, including Bitcoin, Ethereum and PEPE meme coin, have been noticed recently.
These liquidations have pushed BTC down 4% within the last 24 hours. Ethereum has fallen to $1,746, also losing more than 4% over the past 24 hours.
Bitcoin has been going down since May 10, the day when the CPI report came out with a lower figure than had been expected by analysts. This fostered the probability that the Federal Reserve would put its rate hikes on hold, and Bitcoin recovered the $28,000 level.
It is likely that traders began to lock in their profits after that peak and began to sell their BTC. Besides, prominent old-school commodity trader Peter Brandt, respected in the crypto community, tweeted that he had spotted a Head & Shoulders pattern forming on the Bitcoin chart.
If that pattern is completed, he stated, Bitcoin is going to plunge. All in all, since May 10, Bitcoin has lost nearly 7% in price.
Source: https://u.today/bitcoin-btc-down-to-almost-two-month-low-of-26378-after-peter-brandts-warning