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Bitcoin (Bitcoin) rose on August 18. That’s because the latest data confirmed record-high inflation in the European Union.
data from Cointelegraph Market Pro When TradingView It showed that BTC/USD had crossed $23,500 at the time of writing. Maintain $23,000 As nighttime support.
Concerns over deeper risky asset drawdowns have increased with Bitcoin and Ether (ethereum)especially can’t crack long-term resistance level.
The mood among analysts was understandably alarming as the bulls appeared to retreat.
BTC has collapsed from this huge rising channel/wedge that everyone seems to be watching, Daan Crypto Trades wrote in his latest piece twitter update.
23.8-24K offers resistance. Once in, this is a big bear trap. Bearish rejection makes us bow our heads.
Meanwhile, short-term support came in the form of a whale buy-in above $22,800, claimed on-chain monitoring resource Whale Maps.
Currently just below Bitcoin 200-week moving averagethe $22,800 zone should be the sand line to watch if the market goes down.
Back to square one, says the Whalemap team wrap up Along with a chart showing the range of hodled whale coins by price point.
Whale accumulation between $23,400 and $22,800 is Bitcoins closest support (if it starts to fall).
Macro triggers were clearly inflation-biased with the EU’s print headlines at 9.8% in July.
Related: Bitcoin Miners See 27% Decline in BTC Holdings After Massive 3-Month Sale
July’s figures rose from 9.6% y/y in June, marking the highest inflation rate in block history. By the way, July 2021 inflation was his 2.5%.
The lowest annual rates were recorded in France, Malta (both 6.8%) and Finland (8.0%). The highest annual rates were in Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%). Recorded. report According to Eurostat.
Compared with June, annual inflation fell in six member states, remained stable in three, and rose in 18.
and interview European Central Bank (ECB) Executive Committee member Isabel Schnabel said in an interview with Reuters on August 18 that he could not say with confidence that inflation has peaked.
In the short term, we do not rule out the possibility of further acceleration of inflation, he said.
But any forecast is currently subject to a high degree of uncertainty, which makes it very difficult to predict when inflation will peak.
The EU figures were released a day after the UK posted double-digit inflation for the first time since the early 1980s.
U.S. price increases this month seemed to slow downthe next inflation readout scheduled for Sept. 13.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and trading movements involve risk. You should do your own research when making a decision.
