Top Cryptos Correcting Heavily, What Went Wrong all at once?
The post Top Cryptos Correcting Heavily, What Went Wrong all at once? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
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 its way to securing levels close to $25,000, a notable drop hampered the price rally. The global market capitalization had surged beyond $1.13 trillion slashed hard by 2.31% at the press time reaching levels around $1.11 trillion. Therefore, what led to the trend reversal?
A popular analyst believes the BTC price may drop close to $23,000 before breaking out beyond $27,999
#Bitcoin correcting due to several reasons.
(Unwarranted) fears among CPI data tomorrow.
Expecting to see a test around $23-23.2K to hold, so trend continues.
Another test of resistance -> break-out towards $28K. pic.twitter.com/hqcJ6Ry64c
— Michaël van de Poppe (@CryptoMichNL) August 9, 2022
The analyst believes the FUD around the upcoming CPI data tomorrow and the constant rejections at the same resistance at $24.300 could be the main reason for the current market dop. Therefore, a retest of the levels around $23,000 is quite possible before the BTC price ranges back above $28,000.
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.
