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BITCOIN PRICE ANALYSIS CMP-$19,800: BITCOIN: Dump and Pump After CPI Release

The United States announced worse-than-expected CPI figures for September 2022 on Thursday morning, causing a significant drop in the cryptocurrency market. Bitcoin and the whole crypto market responded swiftly, with the BTC price tumbling to $18,000.

14-Oct-2022 By: Lokesh Gupta
BITCOIN PRICE ANALYSIS CMP-$19,800:  BITCOIN: Dump and Pump After CPI Release

The United States announced 

worse-than-expected CPI figures for September 2022 on Thursday morning, causing a significant drop in the cryptocurrency market.

 Bitcoin and the whole crypto market responded swiftly, with the BTC price tumbling to $18,000.

It is worth noting that the Bitcoin price short covering coincided with a sharp recovery in US markets. Following September's 8.2% CPI figures, the Dow Jones Industrial Average dropped roughly 300 points in the early trading session.

However, by the end of the day, the Dow Jones was up more than 800 points. This price movement was followed by Bitcoin and the larger crypto market at the same time.

Bitcoin fell to a new weekly low before recovering losses against the US dollar. BTC has broken beyond $19,500 and may increase further to $20,500.

Bitcoin's price fell below the $19,000 support level. The US CPI statistics was released yesterday, and it showed an 8.2% increase. It pushed the price of Bitcoin below the $18,500 support level.

The bears picked up steam, and the price fell to the $18,200 support level. However, the bears were unable to drop the price any more. There was a significant bullish reaction when a low was set at $18,131. The price gained bullish momentum and surpassed the $19,000 level.

Bitcoin price broke through the 61.8% Fib retracement level of the decline from the swing high of $20,455 to the low of $18,131. Furthermore, on the hourly chart of the BTC/USD pair, there was a break above a major bearish trend line with resistance above $19,150.

The price is currently trading below $19,500 and above the 200 hourly simple moving average. It is trading at the 78.6% Fib retracement level of the decline from the swing high of $20,455 to the low of $18,131.

According to Price Analysis, The market capitalization of this BTC is estimated to be $379,979,518,116. The 24-hour trading volume for the coin is around $48,928,452,485. BTC market capitalization has risen by 3.87%. However, trade volume Increased by 96.55% during intraday trading. 

On the upside, the $20,000 level represents an immediate resistance. A solid break above the $20,000 barrier level might push the price much higher. The next major resistance is at $20,500. Any more gains might set off a sustained rise towards the $21,200 barrier zone.

If bitcoin fails to break over the $20,000 barrier level, it may begin a downward trend. On the downside, there is immediate support at $19,500. The next significant support is at $19,200 and the 100 hourly SMA. A breach below the $19,200 support level may increase selling pressure. In the aforementioned scenario, the price might fall towards the $18,500 support zone.

KEY LEVELS :

RESISTANCE LEVEL : $20,200-$20,500

SUPPORT LEVEL : $19,600-$19,200

After CPI data, BITCOIN goes red near $18,000, with a dramatic comeback observed overnight, and BTC turns around near $20,000? Have you seen the BTC roller coaster movement?

WHAT'S YOUR OPINION?
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