A close background – The price of Bitcoin (BTC) remains near $20,000, as freshly released data confirms exceptional inflation in the United States.
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Inflation: a solid Bitcoin against a wobbly euro
The price of bitcoin goes up to $20,080 on Bitfinex today, July 13, 2022, unable to hold above $20,000. The cryptocurrency is trading at $19,843 at the time of writing. Its price is currently registering a daily gain of 2.69%.
Bitcoin price looks solid, amid high inflation. The release of data on the Consumer Price Index (CPI) in the United States today, which reached 9.1% YoYa high since the early 1980s, did not give the bulls more strength.
To emphasize the particularity of the macroeconomic situation that currently prevails, the CEO of Capriole, Charles Edwards, indicated that:
“Only 12 of the last 110 years have seen inflation above 9%”
However, this figure has favored the dollar which has reached new peaks over twenty years, causing the euro to plunge below its parity with the greenback, a first for twenty years as well.
Bitcoin price supports between $18,000 and $20,000 thus seem to be holding, in the face of bear attacks. One question remains: has the cryptocurrency already hit its floor price for this cycle, or should we expect another drop below the low of last June?
A bottom for the price of Bitcoin: the last capitulation
Il Capo Of Crypto’s analysis pointed out a downtrend weakening for Bitcoin price.
He shared a graph, showing a decrease in the magnitude of the declines, since the price of the cryptocurrency hit its current all-time high, around $69,000. The rebounds are also “weaker and shorter”.
Based on these observations, he Capo Of Crypto concludes that the “ background is very close in time “.
The xulian analyst gives a condition sine qua non, so that the price of Bitcoin can go down to this bottom. Based on the hash ribbon, he believes that “miners must capitulate” before seeing the formation of a bottom for the price of Bitcoin. The miners are already capitulating, but “they just have to capitulate a bit more “.
Although the bulls manage to limit the losses, the markets are still waiting for the last drop that would finally take the price of Bitcoin to its bottom for this cycle.
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