After a bumpy ride, most of the crypto assets faced a significant rejection and finally dropped hard to hit the lower support. While the Bitcoin price faced rejection at $24,200, the Ethereum price also dropped after trading above $1800 for some time. Presently, the bears are gaining dominance slowly and hence the day’s close is expected to be pretty bearish.
While bitcoin was on track to regain the near $25,000 level, a notable decline interrupted the price rally. The global market capitalization had risen by over $1.13 trillion, a massive decline of 2.31% when it reached the level of nearly $1.11 trillion at press time. So, what is the reason for the reversal of the trend?
A popular analyst believes the BTC price may drop close to $23,000 before breaking out beyond $27,999
Analyst believes that FUD around CPI data coming tomorrow and continued rejection at the same resistance at $24.300 could be the main reason for the current market dope. Therefore, it is quite possible for BTC to retest the $23,000 level before the price rises above the $28,000 level.
On the other hand, no specific long liquidations are been recorded which could have impacted the Bitcoin(BTC) price negatively. However, all eyes are currently on the incoming CPI data tomorrow that is expected to offer a notable boost to the asset.
