Bitcoin and other major altcoins have displayed a correlation between macroeconomic factors and virtual currencies. After the August CPI data release, almost all the crypto assets started dropping. The report data showed a higher inflation rate, increasing fear and crashing the prices of cryptocurrencies. The FOMC meeting was scheduled to hold previously. But ahead of the meeting, Bitcoin had been subjected to extreme selling pressure. Investors seem to be afraid of what the outcome of the meeting could mean to the value of the primary cryptocurrency. Related Reading: Ethereum Price Still On The Decline, Can Buyers Defend This Price Level? Bitcoin Value Is On Its Crucial Support BTC price has seen vigorous twists from last weekend to date. While the token tried to sustain its hold on the $20,000 region, it felt an increasing downward pull. Hence, Bitcoin has gradually lost value to hover around the $19K level. According to data, the $19,000 level is the 50-month average for Bitcoin. It reported that the value is the crucial support level for the primary cryptocurrency. Since 2015, BTC has been defending the level. Hence, it would be more devastating for the token once it fails to uphold the support level currently. It means that BTC investors will experience more pain and price correction. MicroStrategy (MSTR) has purchased the dip with Bitcoin’s dropped value. The software firm added 301 BTC recently. According to the C...
