CRYPTO NEWS - No Movement at the Market - Bitcoin, Altcoins Sell-off on Record-High Inflation
CRYPTO NEWS - No Movement at the Market - Bitcoin, Altcoins Sell-off on Record-High Inflation
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin News Today
03:15 Ethereum News
04:27 Bitcoin Technical Analysys
05:12 Bitcoin Price Prediction
07:29 Outro
Global financial markets once again find themselves trending lower on June 10 after the Consumer Price Index (CPI) came in at a blistering 8.6% year-over-year increase, the highest print since 1981.
The hotter-than-expected CPI print resulted in a collapse of the $30,000 support and Bitcoin (BTC) price sold-off to a daily low at $28,852 before dip buyers managed to bid the price back above $29,000.
Dollar strength weighs heavily on risk assets
The effect of the high CPI print on two benchmarks of financial markets, the dollar index (DXY) and the S&P 500 (SPX), was touched on by il Capo of Crypto, who posted the following charts noting that “After CPI results, #DXY continues its pump and #SPX keeps free falling.”
BTC needs to reclaim $30K to prevent further downside
Insight into what it would take to avoid a pullback to the support at $28,000 was provided by market analyst and pseudonymous Twitter user CrediBULL Crypto, who posted the following chart showing the “unfortunate” retrace from $30,000, the area. The analyst suggested that this “was the moment where we needed to see follow through.”
00:01 Intro
01:12 Crypto News Today
02:08 Bitcoin News Today
03:15 Ethereum News
04:27 Bitcoin Technical Analysys
05:12 Bitcoin Price Prediction
07:29 Outro
Global financial markets once again find themselves trending lower on June 10 after the Consumer Price Index (CPI) came in at a blistering 8.6% year-over-year increase, the highest print since 1981.
The hotter-than-expected CPI print resulted in a collapse of the $30,000 support and Bitcoin (BTC) price sold-off to a daily low at $28,852 before dip buyers managed to bid the price back above $29,000.
Dollar strength weighs heavily on risk assets
The effect of the high CPI print on two benchmarks of financial markets, the dollar index (DXY) and the S&P 500 (SPX), was touched on by il Capo of Crypto, who posted the following charts noting that “After CPI results, #DXY continues its pump and #SPX keeps free falling.”
BTC needs to reclaim $30K to prevent further downside
Insight into what it would take to avoid a pullback to the support at $28,000 was provided by market analyst and pseudonymous Twitter user CrediBULL Crypto, who posted the following chart showing the “unfortunate” retrace from $30,000, the area. The analyst suggested that this “was the moment where we needed to see follow through.”
