Crypto Market Sees Dramatic Price Fluctuations Amid CPI Data Release
The market experienced a dramatic and volatile week, with the release of CPI data on Friday triggering significant price fluctuations. The BTC price plummeted to $76,000 before rebounding sharply to reach as high as $79,800, while ETH surged to a high of $2,666.
Many traders were caught off guard by the market's twists and turns, with some blindly chasing the rally near $79,000 only to see the price reverse in a classic V-shape drop. The resulting back-and-forth movement shook out retail traders who traded based on feeling rather than a clear plan.
Crypto Zhong Liang, however, navigated the market volatility with ease, guiding his followers to short positions at $79,500 for BTC and $2,510 for ETH on Wednesday. He later advised going long at BTC $77,000 and ETH $2,420 after the PPI retracement.
Zhong Liang's stance remains unchanged: as long as BTC does not break below $75,000, the bullish structure remains intact. With expectations of a Fed rate cut continuing to build next week, the overall bullish trend is expected to persist.