The crypto market was absolutely annihilated last night as the APAC session sold off hard in reaction to the CPI print on Friday as well as their view of the Fed's reaction to it. Bitcoin smashed through the lower bound of our range at $27.9K. We had been holding this range for one month. We warned that Bitcoin holding a range for that long with such little buying interest was a likely sign we would dip further. However, we have smashed through our low from May 12th at $25.1K, finally finding support at $23.8K. If support fails here, the next level of support is at $20K, which is only $1000 from $19K, which we anticipate to be the low. Dedicated readers will remember us calling out this level back in January. We don't seem to see much buying interest but if there is a pivot, $25.1K should provide resistance.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.