BTC Drops Over $2000 In Last 24 Hours – Market Updates Bitcoin News
Cryptocurrency prices plunged in today’s session as markets reacted to the latest US inflation report. Bitcoin fell by over $2,000 in the past 24 hours as consumer prices fell by less than expected in the US. Ethereum was also in the red, as the token fell below $1,600.
Bitcoin
Bitcoin (BTC) traded lower in today’s session as markets continued to react to the latest US inflation report.
After a high of $22,673.82 on Tuesday, BTC/USD fell to an intraday low of $20,062.67 earlier today.
Markets had expected August’s consumer price index (CPI) to come in at 8.1%, down from 8.5% the previous month.
But with CPI coming in at 8.3%, traders’ confidence faded, leading to a bloodbath across the crypto market.
Looking at the chart, this selling took place after a false breakout of the $22,600 resistance point, with prices now hovering around a key support point.
At the time of writing, BTC/USD is trading at $20,164.21, which is marginally below a $20,600 floor.
Should bearish sentiment remain throughout the day, we could potentially see traders targeting a lower support level of $19,300.
Ethereum
Ethereum (ETH) was also exposed to the bearish onslaught, as the token fell below $1,600 the day before the expected start of The Merge event.
Less than 24 hours after hitting a peak of $1,637.05, the world’s second largest cryptocurrency fell to a low of $1,564.03 on Wednesday.
The drop in ETH/USD sees the token hit its lowest point in the past week, taking it close to a long-term floor of $1,550 in the process.
Bulls have so far resisted a breakout below this point, with many opting to re-enter and buy the current dip.
At the time of writing, ethereum is trading at $1,594.08, with bulls likely hoping to take prices back above $1,600.
Many still expect ETH to rally in the coming days, remaining optimistic about tomorrow’s merger, and the long-term implications it could have.
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