Yesterday’s release of the Consumer Price Index numbers in the US caused major turmoil for Bitcoin. Bitcoin’s price rose above $20,000 at first, but then fell below $19K for a brief time, liquidating millions in leveraged positions. The price has now returned to the $20K mark.
Bitcoin Price Returns to $20K
The $20K zone is crucial for Bitcoin’s value – it contains multiple moving Averages as well as confluences with the highs during the 2017-2018 bull market. It is also why it has been so heavily debated in the last few weeks.
Yesterday saw the US Bureau for Labor Statistics publish the Consumer Price Index numbers for June. The price went on an emotional rollercoaster ride, jumping above $20K for a while, then dropping below $19K for a while.
The above chart shows that the Binance one-hour candle for the CPI had an amplitude at 6.14%, which is a sign of extreme volatility. This led to major liquidations of over $47 Million in less than an hour, as CryptoPotato reported.
Uniswap Skyrockets 11.6%
The Uniswap governance token UNI has been the clear exception in the last 24 hours. It is up 11.6% in the past 24 hours as the majority of the top altcoins go though a cutting trading session, charting small increases and slight declines.
Source: Quantify Crypto
The heatmap above shows that ETH and BNB are up over 1%, while ADA, DOT and LEO trade at a slight decrease.
The market is still in extreme fear, with many anticipating another downturn. The Cryptocurrency Fear and Greed Index supports this view, currently at 18 points and “Extreme Fear Territory.”
It is worth noting, however, that the index has recouped some of its losses after falling to 6 points in June.
Marla Brooks – Financial Analysis
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