Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours

Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours


Cryptocurrency prices plunged in today’s session, as markets reacted to the latest U.S. inflation report. Bitcoin fell by over $2,000 in the last 24 hours, as consumer prices fell by less than expected in the United States. Ethereum was also in the red, as the token dropped below $1,600.

Bitcoin

Bitcoin (BTC) was trading lower in today’s session, as markets continued to react to the latest U.S. inflation report.

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Following a peak of $22,673.82 on Tuesday, BTC/USD dropped to an intraday low of $20,062.67 earlier today.

Markets had expected August’s consumer price index (CPI) to come in at 8.1%, down from 8.5% the month prior.

However, with the CPI coming in at 8.3%, traders’ confidence faded, leading to a bloodbath across the crypto market.

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