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BITCOIN, ALTCOIN ARE BREAKING RECORDS, MARKET WRAP

BITCOIN, ALTCOIN ARE BREAKING RECORDS, MARKET WRAP

Global financial markets found another decline on June 10 after the Consumer Price Index (CPI) rose 8.6% year-on-year, the highest since 1981.


CPI printing hotter than expected led to a decrease in support of $ 30,000 and the price of Bitcoin (BTC) was sold daily below $ 28,852 before dip buyers were able to bid the price to return more than $ 29,000.


Here are what some market analysts say about Bitcoin's vision for the future as there seems to be little relief from inflation and the Federal Reserve is still determined to raise interest rates.


The strength of the dollar weighs heavily on dangerous assets

The result of the CPI print high on two financial market benchmarks, the dollar index (DXY) and the S&P 500 (SPX), was touched by il Capo of Crypto, who posted the following charts commenting that “After the CPI results, #DXY continues to pump and # SPX keeps falling for free.



Market analyst Kevin Svenson also said the Fed's inability to curb inflation is likely to translate into deficit inflation next year.



There is a chance to pull back less than $ 28,000

If the price of BTC continues to decline, crypto trader and anonymous Twitter user Altcoin Sherpa says trading below $ 28,000 is possible.


Altcoin Sherpa said,


“$ BTC: The best-looking EMAs have ever looked like in 4 hours but the overall framework of the high-end market remains strong. It doesn’t really do anything that works, just to watch. It seems obvious that $ 28K> will follow if the current location is lost.

Related: Bitcoin price drops below $ 29.5K after 'unexpected' 40-year US high inflation


BTC needs to demand $ 30K again to avoid further complications

Understanding what it takes to avoid a backlog in support for $ 28,000 was given to market analyst and anonymous Twitter user CrediBULL Crypto, who posted the following chart showing the return of "bad luck" from the $ 30,000, location. The analyst suggested that this was "a time when we needed to see that we were being followed."


CrediBULL Crypto said,


“In support, but it has been tested four times now, so it is likely to reach $ 28K. IF we could get back more than $ 30K, then $ 28K could be avoided. ”

The total market capitalization of cryptocurrency now stands at $ 1.192 trillion and the dominance of Bitcoin is 46.6%.

Source: cointelegrapy




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