Advertisement
According to the CPI report, btc price is down almost 8% over the past day.
The prices of most altcoins fell on the corresponding chart as CPI showed a 0.1% gain in August, which has now taken the unadjusted value to 8.3%.
The expected annual increase is 8.1%. Over the past 24 hours, Bitcoin has dropped 4%.
As the market is experiencing a prolonged sell-off, the price of BTC is likely to fall further. The outlook for BTC falls as buyers leave the market.
Bitcoin price used to fall at $18,900 over the past month, but over the past week Bitcoin has seen a short-term rally, surpassing $22,000.
However, the CPI report once again pushed the BTC price down. The indicators chose to side with the bears due to sellers dominating the market. The global cryptocurrency Market Cap today is $1.04 trillion, with a negative change of 2.5% over the past 24 hours.
BTC Price Analysis: One Day Chart
BTC is trading at $20,200 at the time of writing. The plunge from the $22,000 mark was unexpected due to the unforeseen figure from the CPI report.
The immediate resistance level for the Bitcoin price is $21,000. If this resistance level breaks through, BTC could return to trading above the $22,000 price mark.
Local support for BTC is $19,200. However, with a violent sell-off, the currency could fall to trade near the $18,900 support line.
The amount of Bitcoin traded in the past session increased slightly, indicating that there is a buying force.
Technical Analysis
BTC purchases have plummeted over the past 24 hours. This drop in buyers pushed the price closer to the nearest support line.
The RSI is seen below the halfway line, indicating strong selling power and a downward trend in BTC price.
Over the past few trading sessions, RSI recorded a small bullish beat, indicating a slight increase in buying.
Bitcoin price has just fallen below the 20-SMA line, which is also a sign that sellers are driving the bullish momentum in the market.
BTC shows a buy signal even though the market only shows a small buy signal after the buying power shows a bullish one.
The AO indicator shows the overall market strength and direction of the price. The AO rises above the halfway point, indicating that buyers can take this price action.
Even if the buyer acts on a buy signal, the price of the asset is unlikely to move upwards. The DMI indicator signals the direction and momentum of the price.
DMI is negative because the -DI (orange) line is above the +DI (blue) line. The ADI index (in red) is above the 20 mark, indicating that the current price has converged enough strength.
