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Bitcoin and Ethereum Turn Positive as PPI Data Boosts Risky Assets
of of the Federal Reserve Desirable inflation rate (PPI) continued last week CPI printingentering at 0.2%, below forecasts of 0.4%.
Bitcoin and ethereum It has risen and temporarily capped the bearish decline.
Followed by Collapse of FTX More than 100 companies have filed for Chapter 11 bankruptcy, uncertainty and fear have caused a broader market selloff. Sam Bankman-Fried said he saw a $200 billion drop in total cryptocurrency market capitalization last week, but the long-term impact of recent events remains unclear.
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Amid dwindling investor confidence, Binance CEO ‘CZ’ Zhao has given hope to the major cryptocurrency by announcing his intention to launch a crypto recovery fund for FXT-affected companies. rice field.
After Bitcoin Breaks Major Fibonacci Support At $19225.4 (23.6% FIB of the 2020-21 move), BTC/USD continues its decline, breaking below $16000.nevertheless price action stay above downtrend line Selling pressure eased temporarily after the November 2021 high. The current monthly low remains at $15,632 as support as BTC tries to recover from its recent drop.
Bitcoin (BTC) Weekly Chart
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Staring price action On the daily chart, short tripsAt the time of writing, BTC/USD is trading around 2.56% higher on the day, main psychological level of $17,000. For the Bitcoin bulls to boost the recovery, a breakout of the June low of $17,592.78 could see further rally.
at the same time, basic risk The Sam Bankman-Fried incident remains at the forefront of risk sentiment making digital assets vulnerable to further developments.the price is 50-day moving average (moving average) We offer the following major resistance zones at $19,340.
A retest of $16,000 and $15,632 could keep the price moving towards $14,000 if the downward trajectory gains momentum.
Bitcoin (BTC/USD) daily chart
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However, Ethereum has managed to rise above $1200 and remains relatively stable compared to its altcoin counterparts. Resistance remains at previous support About $1280.
Ethereum (ETH/USD) Daily Chart
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— Written by DailyFX.com analyst Tammy Da Costa.
Contact and follow Tammy on Twitter. @Tams707
