Bitcoin prices were deeply impacted by the resurgence of the bearish market trend that caused the price to plunge by more than 3.6% from the monthly highs. Meanwhile, the ongoing tussle between Binance CEO, Changpeng Zhao (CZ) and FTX CEO Sam Bankman Fried (SBF) has led the bearish wave within the crypto space. While some believe this could be an interim pullback, market participants may also expect a notable price drop ahead.
Star Crypto managed to leapfrog above $21,000 as the release of fresh CPI rates pushed up the price significantly. At the same time, bitcoiners were expecting a further bullish trend to continue, which may extend beyond the crucial $22,500 resistance level. But the recent fall in the market pulled the price down and it is also expected to lose the $20,000 mark soon.
Bitcoin’s price previously flashed a sell signal at the crucial levels around $20,800, and as expected, the star crypto faced rejection. Therefore, the BTC price may either reclaim $20,700 and hold the upper target to continue to surge beyond $21,000 again or else remain within a consolidated range for some more time.
Meanwhile, BTC price is showing significant bullish signs in the near-term, as losses in BTC supply reach a one-month low, while profit-backed supply reaches monthly highs. Additionally, BTC miners’ revenue also jumped to a monthly high of around $1.8 million to $1.85 million. Furthermore, the daily active address is fluctuating between 1M and 85K, indicating the nominal activity on the platform.
However, the crypto markets are expected to become more volatile in the next couple of days as some events may have a large impact. like the US midterm elections on Tuesday, U.S. CPI inflation data on Thursday, and U.S. consumer sentiment data on Friday. Hence, the market participants may also expect Bitcoin prices to form a new monthly bottom, probably below $20,000 very soon.
