Bitcoin lost support at $18,600 and trended lower close to its yearly bottom at $17,900. The cryptocurrency managed to stop the bleeding at these levels, but the general sentiment in the markets seems to have flipped from dubious to fearful. Related Reading: BTC To See Correction Below $10K, Predicts Midas Touch Consulting Founder At the time of writing, Bitcoin was trading at $18,300 with a 4% loss in the last 24 hours and a 9% loss in the past week, but it has been rebounding over the past hour. Other major cryptocurrencies followed BTC’s price into the abyss and are recording massive losses on low timeframes with Cardano and Solana showing the worst performance. Inflation Yet To Find A Bottom, Will Bitcoin Follow? Data from Material Indicators show a spike in selling pressure from all investors heading into the Consumer Price Index (CPI), the benchmark for inflation in the United States. This metric rose above market expectations printing an 8.2% for the month of September 2022. As seen in the chart below, from retail to whales press down on Bitcoin pricing in a new interest rate hike from the U.S. Federal Reserve (Fed). The financial institution has been trying to slow down inflation by increasing rates and reducing its balance sheet. However, today’s CPI print confirms that inflation is sticky and likely not peak in 2022. This reality along with positive economic growth metrics in the U.S. will provide the Fed with the su...
