Bitcoin price plunged close to 8% over the past day owing to the high Consumer Price Index report.<\/p>\n
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%.<\/p>\n
The annual increase was expected to be 8.1%. Over the last 24 hours, Bitcoin registered a 4% loss.<\/p>\n
Given that the market is undergoing an extended sell-off, a further fall in BTC\u2019s value could be expected. The technical outlook for the coin was bearish as buyers left the market at the time of writing.<\/p>\n
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.<\/p>\n
Bitcoin has soared past the $22,000 level. The recent blow from the CPI report has pushed the coin downwards.<\/p>\n
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.<\/p>\n
Bitcoin Price Analysis: One Day Chart BTC was trading at $20,200 at the time of writing. The plunge from the $22,000 mark was sudden due to the unanticipated number from the CPI report.<\/p>\n Immediate resistance for Bitcoin price was at the $21,000 mark. If BTC manages to topple this level, it can get back to trading above the $22,000 price mark.<\/p>\n Local support for BTC was at $19,200. However, with the intense sell-off, the coin could fall to trade near the $18,900 support line.<\/p>\n The amount of Bitcoin traded in the past session grew slightly, indicating that there was an influx of buying strength.<\/p>\n Technical Analysis BTC has registered a sharp fall in buying strength over the last 24 hours. This fall in buyers has further pushed the price near the nearest support line.<\/p>\n The Relative Strength Index was seen below the half-line, indicating strong selling strength and, therefore, bearishness.<\/p>\n Over the past few trading sessions, RSI noted a small uptick, indicating that the buying strength increased slightly.<\/p>\n Bitcoin price just fell through the 20-SMA line, which was also a sign that sellers were driving the price momentum in the market.<\/p>\n Bitcoin registered buy signal on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n BTC displayed buy signal despite the market registering a tiny buy signal after buying strength displayed an appreciation.<\/p>\n The Awesome Oscillator depicts the overall market strength and the direction of the price. AO climbed above the half-line, indicating that buyers could act on this price action.<\/p>\n Even if buyers act on the buy signal, the price of the asset would hardly notice an upward movement. The Directional Movement Index signals the price direction and momentum.<\/p>\n DMI was negative as the -DI (orange) line was above the +DI (blue) line. The Average Directional Index (red) was above the 20 mark, which means that the present price direction has gathered strength.<\/p>\n Featured image from Pixabay, Charts from TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin price plunged close to 8% over the past day owing to the high Consumer Price Index report.<\/p>\n 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%.<\/p>\n The annual increase was expected to be 8.1%. Over the last 24 hours, Bitcoin registered a 4% loss.<\/p>\n Given that the market is undergoing an extended sell-off, a further fall in BTC\u2019s value could be expected. The technical outlook for the coin was bearish as buyers left the market at the time of writing.<\/p>\n 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.<\/p>\n Bitcoin has soared past the $22,000 level. The recent blow from the CPI report has pushed the coin downwards.<\/p>\n 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.<\/p>\n Bitcoin Price Analysis: One Day Chart BTC was trading at $20,200 at the time of writing. The plunge from the $22,000 mark was sudden due to the unanticipated number from the CPI report.<\/p>\n Immediate resistance for Bitcoin price was at the $21,000 mark. If BTC manages to topple this level, it can get back to trading above the $22,000 price mark.<\/p>\n Local support for BTC was at $19,200. However, with the intense sell-off, the coin could fall to trade near the $18,900 support line.<\/p>\n The amount of Bitcoin traded in the past session grew slightly, indicating that there was an influx of buying strength.<\/p>\n Technical Analysis BTC has registered a sharp fall in buying strength over the last 24 hours. This fall in buyers has further pushed the price near the nearest support line.<\/p>\n The Relative Strength Index was seen below the half-line, indicating strong selling strength and, therefore, bearishness.<\/p>\n Over the past few trading sessions, RSI noted a small uptick, indicating that the buying strength increased slightly.<\/p>\n Bitcoin price just fell through the 20-SMA line, which was also a sign that sellers were driving the price momentum in the market.<\/p>\n
\nBitcoin was priced at $20,200 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin displayed a small uptick in the number of buyers on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin was priced at $20,200 on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n
\nBitcoin displayed a small uptick in the number of buyers on the one-day chart | Source: BTCUSD on TradingView<\/a><\/p>\n