Bitcoin’s Dilemma in the Face of Inflation Woes
As July 12 rolled in, Bitcoin (BTC) found itself on shaky ground, facing the burden of potential new local lows. The White House wasn’t holding back on the inflation news, labeling it as “highly elevated”. BTC/USD was waddling around $19,500, which is over 4% lower than the previous day.
White House Warnings and Market Reactions
Press secretary Karine Jean-Pierre spilled the beans on the upcoming Consumer Price Index (CPI) data, hinting that the numbers could be uglier than a cat wearing a dog costume. She’s like the weather girl of economics, predicting stormy inflation, mainly due to gas prices. “We expect the headline number to be highly elevated due to those pesky gas prices in June,” she told the reporters with a seriousness that reminded everyone that the financial climate is not quite sunny.
Bitcoin’s Roller Coaster Ride
As if money were a roller coaster, Bitcoin had taken a dip, hitting its lowest level in a week at $19,520. Michaël van de Poppe, a contributor and noted trader, tweeted about stocks reacting to the CPI data release, suggesting that prepped investors might wait for the numbers before making their moves. “Sell the rumor, buy the news” seems to be the mantra as we brace for this economic roller coaster.
Ethereum Takes a Hit
Not one to sit quietly, Ether (ETH) decided to join Bitcoin in the dipping pool, shedding 8% within 24 hours. ETH/USD was trading at around $1,060, possibly gearing up for an awkward rendezvous with key support levels that have been hanging on since mid-June.
The Bigger Picture: Market Mastery Amid Chaos
As traders look toward the future, the resistance levels for altcoins present more questions than answers, with predictions suggesting a further cringe-worthy drop. Analyst Rekt Capital cautioned that if altcoins keep playing hard to get with resistances, they could experience a massive 30% downside. The economic world feels like a high-stakes poker game, and nobody wants to bluff at this moment.
“Invest wisely, for the crypto wave is unpredictable, and it bites when you least expect it.”
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