Fear is back among bullish traders and investors after seeing how in less than 24 hours the price action of the major cryptocurrencies by market capitalization have plummeted marked setbacks estimated at -2.5% in the case of Bitcoin.
Now, beyond the current pullback experienced in the last 24 hours this drop in BTC price action is due to renewed inflationary fears, an element that I wanted to bring to you all to find points of coincidence and differences with respect to the positions that have been presenting themselves at the close of trading today.
In this sense and according to information socialized by William Suberg, "After Bitcoin's price action lost $1,000 since completing the "death cross" on the daily chart at the beginning of the week, BTC reached its lowest levels since September 29."
Suberg's position is part of the statements of Van de Poppe who added that ""We may already be reversing the trend here in October, heading towards an uptrend in November (challenging the USD 26,800 area) or we may reverse the trend at the end of December for a pre-halving rally and ETF. Good times ahead for Bitcoin"
In retrospect “trader Daan Crypto Trades noted multi-month highs in open interest, high levels that triggered the waves of volatility that characterized the first week of the month”
I would like to know your point of view on what was discussed in this post.
SOURCES CONSULTED
Cointelegraph. Bitcoin hits 2-week low on US inflation data — When will BTC price bounce?. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
