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Bitcoin Falls $1000 in Minutes in Response to Inflation Numbers
Summary: At 8:30 this morning, Bitcoin experienced a rapid dive back under 20k, and some speculate that the updated CPI numbers are to blame. The crypto been trading sideways since its rapid fall under 20k a month ago, hovering between $23,500 and $18,000. Crypto Potato thinks after falling through $20k this morning, BTC's next stoping point ...
At 8:30 this morning, Bitcoin experienced a rapid dive back under 20k, and some speculate that the updated CPI numbers are to blame. The crypto been trading sideways since its rapid fall under 20k a month ago, hovering between $23,500 and $18,000.
Crypto Potato thinks after falling through $20k this morning, BTC's next stoping point is potentially $15k or lower, with "no signs of strength or rebounds in Bitcoin's price." The article fears that following an "expansion move," the price almost always follows a "correction pattern," which could leave a floor price of $15k to $13k.
Furthermore, a substantial whale selloff is visible through on-chain analysis. Whales are prominent players moving a considerable amount of capital per trade that can single-handedly alter the price.
As the price approaches new lows, some whales are forced to liquidate as the crypto pushes their internal risk tolerance. The chart below shows substantial forced liquidation by whaless over the last few weeks.
Some Whales have chosen to double down on the crypto, with Michael Saylor purchasing an additional $10 Million of BTC for $20,817 per coin, according to his Twitter.
According to the article, the bullish side shows substantial support under the 20k level. This is driven by two factors, the peak of 2017 offering psychological support and seeing a significant "demand zone" of around $18k.
Author: Garrett Meifert
