Bitcoin Volatility and the Current Market Situation
Bitcoin Surges and Consolidates
Bitcoin experienced a sudden surge in price yesterday, reaching its peak of just above $27,400 around lunchtime. This surge was anticipated due to expectations of a pause in interest rate hikes by the US Federal Reserve and a short squeeze. After reaching its peak, the price of Bitcoin consolidated for a few hours at this level.
At 7:00 PM, however, the tide turned and the price of Bitcoin sharply declined. In just half an hour, it dropped to the support level of $26,700. So far, this level is holding up and preventing further declines.
Altcoins in the Green: Toncoin and Solana Stand Out
Among the top 10 largest cryptocurrencies, green is the dominant color. Only BNB experienced a negligible decline of 0.21%. Toncoin (TON) and Solana (SOL) were the biggest gainers in the past 24 hours, with increases of 4.88% and 4.25% respectively.
Bitcoin Today: The Calm Before the Storm
As mentioned, tomorrow is a crucial day in terms of macroeconomic events. Today, the focus is on inflation data from the Eurozone, with an expected annual increase of the Consumer Price Index (CPI) of 5.1%, compared to last month’s figure of 5.3%.
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These inflation figures follow last week’s data from the United States, which generally have a greater impact on risky assets like Bitcoin.
However, the US will not be entirely left out today, as the weekly Building Permits will be published at 2:30 PM. This indicator is a key measure of the housing market, with an expectation of 1.440 million permits, compared to last week’s figure of 1.443 million.
Crypto News from Last Night
In the ongoing lawsuit between the US Securities and Exchange Commission (SEC) and Binance, the regulator urged a court in Washington D.C. to approve an inspection of Binance.US. However, news broke last night that the judge has rejected the request for access to the technological infrastructure of Binance’s US division.
These recent events have contributed to the volatility in the cryptocurrency market. While Bitcoin’s price remains uncertain, altcoins are showing resilience and potential for growth.
Overall, the current market situation is marked by unpredictability and excitement. Investors and traders should remain cautious and closely monitor the developments surrounding the US Federal Reserve’s interest rate decision.