Bitcoin Price Crashed Amidst Wider Sell Off, This Could Be The Next Stop
Bitcoin price plunged close to 8% over the past day owing to the high Consumer Price Index report.
The prices of most altcoins fell on their respective charts after the CPI showed a 0.1% increase in August, which has now taken the unadjusted value to 8.3%.
The annual increase was expected to be 8.1%. Over the last 24 hours, Bitcoin registered a 4% loss.
Given that the market is undergoing an extended sell-off, a further fall in BTC’s value could be expected. The technical outlook for the coin was bearish as buyers left the market at the time of writing.
Bitcoin price has been struggling at $18,900 for the past month, but it has managed to break through this price level in the last week.
Bitcoin has soared past the $22,000 level. The recent blow from the CPI report has pushed the coin downwards.
Indicators have chosen to side with the bears given how sellers are dominating the market at press time. The global cryptocurrency market cap today is at $1.04 trillion, with a 2.5% negative change in the last 24 hours.