Cryptocurrency market investors experienced panic selling in the past 24 hours after Bitcoin (BTC)'s price dropped to $27.1K following the release of the Consumer Price Index (CPI) which proved to be lower than expected. Blockchain intelligence firm Santiment reported that the dumping is normal in such situations and went further to say that the crypto market is prone to price increases when there is ambiguity and uncertainty - referring to Fear, Uncertainty, and Doubt (FUD).

At press time, the total crypto market capitalization is still positive but at around $1.14 trillion according to CoinMarketCap. On the other hand, Bitcoin has gone down 0.52% forcing the crypto's price to $27,489.79. The leading crypto's total weekly loss is at -5.75% which pushes it out of the consolidation channel between $27,727.19 and $29,972.72.

At the time of writing, BTC is attempting to rise up beyond the $27,727.19 mark with a small bullish wick present beneath the current daily candle. Technical indicators such as the Relative Strength Index (RSI) suggest that the price may further drop in the following 24-48 hours and fall to $27,100. However, the inflation rate which will be released later today might delay the recovery until next week.

In summary, Fiat-backed Bitcoin has recently reached a new 2-month low due to consumer price index not meeting expectations and initiated panic selling in the crypto market. While signs of recovery are slowly appearing, technical indicators hint to a further fall in the price in the upcoming days. BTC will likely face opposition in the consolidation channel and can continue to fall to reach $27,100, or challenge the $27,727.19 mark to gain back at least $28,050. The results of the inflation rate might affect the



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