Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000 Following Record U.S. Inflation Data
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Loading... - Mido Nabil
- 13 Apr 2022
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Bitcoin
BTC dropped below its key level of $40,000 earlier in today’s session, as recent losses in value continued to mount.
Following a high above $42,000 to start the week, BTC/USD fell to an intraday low of $39,373.06 on Tuesday.
This is the lowest level BTC has traded since March 16, however declines have somewhat eased as the floor was hit.
As seen on the chart, this floor was at the $39,450 level, which then gave bulls the courage to re-enter the market due to previous rebounds which occurred at this price.
Since today’s low, BTC is now trading at $40,270, meaning that losses have eased, and now sit at negative 1.82% for the day.
Price strength continues to be oversold, which could be yet another positive for bulls looking to buy recent dips in value.
Ethereum
In addition to BTC, ethereum also fell below a key support point earlier in today’s session, before regaining its footing.
ETH/USD dropped below $3,000 for the first time since March 23, as it went on to hit an intraday low of $2,957.87 in the process.
However, following the release of U.S. inflation data, which showed that consumer prices rose to a record 8.5% annualized rate, ETH has somewhat rebounded. Read More...
