The world’s first cryptocurrency has again lost its $20,000 price range as the broader crypto market has been blanketed with a massive bearish pull.
At the time of publication, Bitcoin price is selling at $19,899, with a fall of 3.23% over the last 24hrs.
The White House had recently received a warning of increasing inflation, and this has affected the Bitcoin price as the currency saw new local lows today, July 12.
As per the stats from sources like Tradingview, Bitcoin is close to hitting $19,500 before the Wall Street Open. The Bitcoin/USD has reacted negatively towards the comments made by Karine Jean-Pierre, the White House press secretary, about inflation.
Yesterday, July 11, Karine Jean-Pierre said that while the new CPI inflation data is set to be revealed on Wednesday, July 13, there is an expectation that gas and food prices will increase.
These comments impacted Bitcoin’s price as the currency dropped to the $19,000 range – one of the lowest levels in the last seven days.
One of the well-known analysts and traders, Michael van de Poppe, claimed that tomorrow’s day would be significant.
On the contrary, another analyst at Cubic Analytics, Caleb Franzen, pointed out that the Dollar $DXY charts do not suggest high inflation at all.
At the time of reporting, the DXY is positioned at 108.47, hitting a higher range since October 2002.
Van de Poppe also posted a Tweet that said he is not concerned about longs entering CPI tomorrow as he is personally focused on Bitcoin’s price hitting $20.3k or $19.3 to 19.5k level.
Altcoins To Drop By 30%?
The Bitcoin price’s drop has also affected the altcoins, which was led by the lead altcoin, Ethereum, after the price plunged by more than 6% in the last 24hrs.
At the moment, Ethereum is changing hands at $1,074.
According to Rekt Capital, if the altcoins continue struggling to surpass the key resistances, they would fall by another 30%.
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Source: https://coinpedia.org/bitcoin/testing-time-for-bitcoins-price-july-13-2022-to-be-crucial/