A more pronounced red – The Bitcoin (BTC) price falls back below $19,000, while the macroeconomic context raises fears of other larger drops in the coming days.
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Bitcoin price close to 3-month low
The price of bitcoin drops to $18,870 on Bitfinex today, October 11, 2022. The cryptocurrency is trading at $19,017 at the time of writing. Its price is currently recording a daily loss of 1.06%.
The price of Bitcoin thus continues its decline for seven days, after a rejection at the level of the zone of $20,300-$20,400. About 48 hours away from the release of US inflation and Consumer Price Index data, the cryptocurrency is approaching $18,214, its September low, which also matches its lowest since July this year.
Will the $19,000 withstand the macro pressure?
The price of Bitcoin thus continues to show signs of weakness, while the macroeconomic context could increase the current downward pressure. The analyst Matthew Hyland shared a chart that shows Bitcoin, which on a daily basis, is trading below the uptrend line which has been formed since last September 20.
But although the bears thus seem to dominate the markets in the very short term and despite this foray into the $18,000-$19,000 zone, the price of Bitcoin seems to find support just above $19,000 for the time being, just as was the case on September 27 and October 2.
Two-Way Volatility: A Playing Card for Bulls
The platform Material Indicators also shows the glass half full, or rather the two parts of this glass, despite Bitcoin falling below $18,000. She shared a chart from the order book of Binancewhile emphasizing the lack of liquidity in both directions “, both below and above the price of Bitcoin.
Material Indicators points out that this situation then increases “the potential for two-way volatility”, a fact to be considered in the run-up to the publication of these data on the Consumer Price Index and on unemployment in the United States. The next movements could then as well be tinged strongly with red, as with green.
This indicator predicts major volatilities for the price of Bitcoin, which would therefore be on the verge of breaking the routine of recent weeks. However, the bears are favorites.
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