Cryptocurrency markets are showing signs of volatility today, with Bitcoin prices having dropped close to a two-month low. This can be attributed to the current market conditions prevailing since the Consumer Price Index (CPI) report released about two weeks ago, which showed lower than expected figures, opening the possibility of a rate pause from the Federal Reserve. This resulted in traders locking profits and selling off Bitcoin at the peak, with the leading cryptocurrency plunging 7% since the 10th of May. Veteran old-school commodity trader Peter Brandt's warning of a Head & Shoulders pattern forming on the Bitcoin chart has further pushed down the price of the crypto.

Ethereum and other crypto assets have also witnessed a 4% fall over the past 24 hours. Additionally, large amounts of cryptocurrencies - Bitcoin, Ethereum, PEPE meme coin, etc. - have been liquidated recently which has contributed to the recent plunge in prices.

Given the current volatility of the cryptocurrency market, it remains to be seen whether Bitcoin prices will continue its downward slope as suggested by Peter Brandt, or if there will be an upturn with the impact of buying pressure from traders. Looking at the broader picture, it is safe to assume that the cryptocurrency market is still coming to terms with the effects of the CPI report, which as it stands, seem to be showing downside for the digital assets.



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