BTC nears $20,000, as prices plunge following U.S. inflation report.
) was trading lower in today’s session, as markets continued to react to the latest U.S. inflation report./USD dropped to an intraday low of $20,062.67 earlier today.
Markets had expected August’s consumer price index to come in at 8.1%, down from 8.5% the month prior.However, with the CPI coming in at 8.3%, traders’ confidence faded, leading to a bloodbath across the crypto market. Looking at the chart, this sell-off took place following a false breakout of the $22,600 resistance point, with prices now hovering around a key support point.Should bearish sentiment remain throughout the day, we could potentially see traders target a lower support level of $19,300.) was also subjected to the bearish onslaught, as the token fell below $1,600 the day before the anticipated start of The Merge event.
Less than 24 hours after hitting a high of $1,637.05, the world’s second largest cryptocurrency dropped to a bottom of $1,564.03 on Wednesday.
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