- Bitcoin’s current resilience reflects its history of bouncing back after touching a decade-old support line.
- FTX liquidations have not dented crypto market capitalization.
- Uncertainty looms as investors await potential price changes.
In line with recent reports from CryptoBusy, the global cryptocurrency market has shown fortitude in the face of unforeseen problems, such as the US Consumer Price Index (CPI) exceeding forecasts and FTX’s liquidation permission. Despite these concerns, the market capitalization has increased, delivering a strong signal to investors.
#Bitcoin $BTC continues to show strength after the CPI data and the approval of FTX asset liquidations.
Today, we'll have the US PPI data, which is a key indicator for interest rates.
Let's see what could happen once the US Market opens! pic.twitter.com/zcbHHmuxvc
— CryptoBusy (@CryptoBusy) September 14, 2023
In an unexpected twist, the CPI (Consumer Price Index) increased by 0.6% in August 2023, according to statistics. This represented a bigger annual growth than was anticipated. The unexpected inflationary tendency has caused alarm, but financial market experts feel that the US Federal Reserve (FED) is unlikely to respond by raising interest rates much.
Additionally, a support line with a ten-year history has been touched, and investors are waiting to see what happens in months to come. On April 1, 2013, Bitcoin experienced a remarkable +172% increase in just 50 days following its interaction with the support line. This surge captured the attention of early Bitcoin enthusiasts and investors. Notably, the cryptocurrency has seen a brief resurgence in price, rising 2% to $26,654 in the past 24 hours
Subsequently, on August 24, 2015, Bitcoin touched the support line once again, leading to a +151% increase in its value over the subsequent 90 days. This event demonstrated the resilience of Bitcoin even during challenging market conditions.
The most recent touchpoint with the support line occurred on November 21, 2022, resulting in a +60.76% increase in Bitcoin’s value over the following 90 days. This relatively modest increase, compared to previous instances, raised questions about Bitcoin’s price stability.
In the current scenario, as of September 11, 2023, Bitcoin has interacted with the decade-old support line once more. The cryptocurrency community is now anticipating what will happen in the next 90 days with bated breath. This historic event has sparked debate among traders and investors about the possibility of a large price change.
While historical data is useful for context, projecting Bitcoin price changes is always uncertain. The next 90 days will undoubtedly be closely watched, with investors eagerly expecting any changes in Bitcoin’s price. As always, the cryptocurrency market is volatile and prone to quick oscillations, needing constant knowledge and logical decision-making on the part of investors.
