The recent bullish spike by BTC seems to be getting undone on Tuesday after higher-than-expected CPI data sent risk-related assets on a southward move.
The benchmark cryptocurrency, which was on track to reclaim the $23K mark for the first time since August 19, now struggles to retain the $21K support.
That said, BTC would need to catch itself soon and position itself for a possible bullish rally from the Ethereum Merge event. In the meantime, I do not see a sustained decline past the $20K support.
Meanwhile, my resistance levels are at $21,000, $22,000, and $23,000, and my key support levels are at $20,500, $19,000, and $19,500.
Total Market Capitalization: $1.01 trillion
Bitcoin Market Capitalization: $398.8 billion
Bitcoin Dominance: 39.5%
Market Rank: #1
The benchmark cryptocurrency, which was on track to reclaim the $23K mark for the first time since August 19, now struggles to retain the $21K support.
That said, BTC would need to catch itself soon and position itself for a possible bullish rally from the Ethereum Merge event. In the meantime, I do not see a sustained decline past the $20K support.
Meanwhile, my resistance levels are at $21,000, $22,000, and $23,000, and my key support levels are at $20,500, $19,000, and $19,500.
Total Market Capitalization: $1.01 trillion
Bitcoin Market Capitalization: $398.8 billion
Bitcoin Dominance: 39.5%
Market Rank: #1