Just when everything seemed to be going well, the global crypto market collapsed again. For a few weeks, the indicators turned green. However, the trend reversed with bitcoin falling below $ 20,000. Experts give their opinion.
Crypto World Market Turns Red Again
Over the past few weeks, the crypto sector seems to have picked up the slab. In fact, the charts were finally showing positive signs and many cryptos rose. Between Shiba Inu, ether and dogecoin, the rise of bitcoin has revived the crypto market. However, the instability of cryptocurrencies continues to surprise investors. This weekend, the price of cryptocurrency dropped again and is currently trading at $ 19,897 according to data from Tradingview.
Given the current situation, the new key levels have been listed by Michaël Van de Pope, a crypto trading expert to watch bitcoin. After losing his support at $ 20,000, he sets the new levels at $ 20,300 and / or $ 19,300 to $ 19,500. Meanwhile, Ali Martinez, another crypto trading expert, also commented. According to him, if the support from $ 19,150 to $ 19,700 holds, BTC is facing resistance at $ 20,900. So one of these levels must give way to gaining hope for a rise.
Correlation between bitcoin and inflation data?
According to some experts, the current raging inflation will have a major impact on bitcoin prices. In her July 12 tweet, Michael Van de Pope had set slightly different levels ahead of the next CPI data report. But while inflation plays a major role in BTC price movements, the effects will not be as catastrophic as one might think.
Wall Street investors are also of the opinion that bitcoin inflation data could spill over. According to them, the encryption flagship could continue to depreciate until it falls into the $ 10,000s.
The fall in cryptocurrencies is coming again and investors only have to look at the key levels. The results of the CPI data report will reveal whether the future of bitcoin will look like scuba diving or get $ 20,000 back.
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The world is changing and adaptation is the best weapon to survive in this turbulent universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and share an interesting field for me, there is nothing better than writing informative and reassuring articles at the same time.