Bitcoin Dives 2% Amid Inflation Data Uncertainty
Bitcoin (BTC) dropped by 2% yesterday as Ethereum (ETH), XRP, and Dogecoin slid ahead of crucial inflation data this week. The price drop saw Bitcoin break below key technical levels, causing concern among traders. As a result, Strategy sold 1,690 BTC.
The decline in prices comes amidst anticipation for critical inflation data, which is expected to be released soon. This has led to increased uncertainty and volatility in the market, with some traders bracing themselves for a potential drop in cryptocurrency prices. In contrast, full-time trader Justin Bennett predicts that Bitcoin needs a sustained break above $65,400 to open up a move toward $67,300-$69,000.
Coinbase CEO Brian Armstrong spoke out about crypto's potential to unlock global financial access with stablecoins, DeFi, and Bitcoin. Meanwhile, prominent trader Trader KillaXBT noted that local tops and bottoms in Bitcoin often form after multiple liquidity sweeps, which can lead to price deviations and traps for traders.