The fall began during overnight trading and coincided with unusually high German inflation statistics. Comparable to U.S. PPI data are the German PPI figures. In contrast, the July PPI number for the US was 9.8%.
Following a local bottom out at around $17,500 in June, bitcoin has increased by over 45% . The rise in market views that inflation has peaked and that the Federal Reserve will begin lowering interest rates as early as March 2023 corresponded, interestingly, with the period when Bitcoin experienced upward price movements. On August 20, it made a minor recovery, but it was still expected to post its worst weekly performance in the previous two months.
The Fed’s aggressive tightening cycle started in March, sending bitcoin and other risky assets into bear market territory. These assets should continue to be under pressure for the next few weeks or months. Let’s take a look at the BTC price levels.
BTC Price Prediction
BTC gained approximately 45% between the lows of $17,567.45 and the swing high of $25,214.57. On August 21, the Bitcoin price recovered 5% from the immediate support level of $20,742. However, BTC was unable to break over the $22,000 immediate resistance level and retreated to the $20,742 support level.
BTC may retest the $20,146 minor support level or bounce back to the $22,781 price level from the current level of $21,280. The market structure of Bitcoin’s higher-time frame is unfavorable, but the smaller-time frame is still mildly bullish.
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