CPI,8.3% released last Tuesday was higher than market expectations, which means that the marginal impact of hikes on inflation has weakened. The market has to get into the thinking of strengthening QT or extending QT. It also contributed to the dump in risk assets.
In addition, the cryptocurrency also faced the merger of ETH last week. Although the merger process was smooth, the price fell sharply after the merger. We see exchange balance of ETH remain very high both before and after the merger, and it didn't drop even yesterday, which could constitute a lot of selling pressure.
This week, the FOMC will be announced, and decide how much the rate rise and the size of the terminal interest rate, which will greatly affect the trend of risk assets.
After the BTC was affected by the higher-than-expected CPI, there was a dump, and the price returned to the bottom again. It fell nearly 10% in a single day on Sep.13, and ended the rebound. Although the earlier rebound had piled up a lot of chips around 20,000, which could provide some support, the price still moved lower over the last week. The bulls' confidence was lost.
Conclusion: Mostly falling. For the price, the bottom has been tested several times, and this process of drop took less time. Unlike previous drops, bears wasn’t consumed in the process. While the needle formed yesterday by the bottom support, the risk of the bottom being broken has still increased. This week we set resistance level at 20000, as bears was confirmed during the decline, and 20000 is also a particular number. We are placing support level at 19000 based on where the bulls increased yesterday, but in fact the bottom become a weak level.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
In addition, the cryptocurrency also faced the merger of ETH last week. Although the merger process was smooth, the price fell sharply after the merger. We see exchange balance of ETH remain very high both before and after the merger, and it didn't drop even yesterday, which could constitute a lot of selling pressure.
This week, the FOMC will be announced, and decide how much the rate rise and the size of the terminal interest rate, which will greatly affect the trend of risk assets.
After the BTC was affected by the higher-than-expected CPI, there was a dump, and the price returned to the bottom again. It fell nearly 10% in a single day on Sep.13, and ended the rebound. Although the earlier rebound had piled up a lot of chips around 20,000, which could provide some support, the price still moved lower over the last week. The bulls' confidence was lost.
Conclusion: Mostly falling. For the price, the bottom has been tested several times, and this process of drop took less time. Unlike previous drops, bears wasn’t consumed in the process. While the needle formed yesterday by the bottom support, the risk of the bottom being broken has still increased. This week we set resistance level at 20000, as bears was confirmed during the decline, and 20000 is also a particular number. We are placing support level at 19000 based on where the bulls increased yesterday, but in fact the bottom become a weak level.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
