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BTC Price Drops Amid Strong US Inflation Data

BTC has experienced a 3.05% drop in price over the last day, bringing its current value to around $23,121.92, according to CoinMarketCap. The weak performance has also impacted its weekly routine, causing it to drop by over 5% in the last seven days.

Bitcoin logo
Bitcoin logo

Impact of US Inflation Data on the Crypto Market

The crypto market, including BTC, has been affected by the release of strong US inflation and spending data, causing most of the market to be in the red zone. BTC has also weakened against its biggest competitor, Ethereum, by 0.10%.

BTC's 24-Hour Trading Volume Declines

BTC's 24-hour trading volume has declined by over 13%, currently at $24,930,603,465. The market cap for BTC currently stands at $446,454,276,116.

Crucial Level for BTC at $23k

The crucial level for BTC currently lies at $23k. If the crypto drops below this level, the price will likely drop to the next support, around $22,645.

Moving Averages for BTC Bearish

The 9-EMA line for BTC is moving closer to the 20-EMA line, potentially crossing bearishly below the 20-EMA line within the next 24-48 hours, cementing a bearish thesis.