Bitcoin Price Surpasses $23.5,000 After Highest Inflation in EU History
Inflation surprises keep coming as European Central Bank refuses to rule out even higher numbers future.
Market Update
Bitcoin (BTC) rose on August 18, with latest data confirming the highest inflation on record in the European Union.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD surging above $23,500 at the time of writing, after holding $23,000 as support overnight.
Concerns over a deeper drop in risk assets became widespread over the week, with Bitcoin and Ether (ETH) notably unable to break long-term resistance levels.
With bulls seemingly on the defensive, analysts' mood was understandably wary.
“BTC crashed from this huge rising chain/coin that everyone seems to be watching,” Daan Crypto Trades wrote in part of his latest Twitter update.
"23.8-24K will act as resistance. Step in and it would be a big bear trap. A bearish rejection and we are heading lower."
Meanwhile, short-term support has come in the form of whale purchases at $22,800+, according to on-chain monitoring resource Whalemap.
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Inflation surprises keep coming as European Central Bank refuses to rule out even higher numbers future.
Market Update
Bitcoin (BTC) rose on August 18, with latest data confirming the highest inflation on record in the European Union.
BTC/USD 1-Hour Candle Chart ( Bitstamp). Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC/USD surging above $23,500 at the time of writing, after holding $23,000 as support overnight.
Concerns over a deeper drop in risk assets became widespread over the week, with Bitcoin and Ether (ETH) notably unable to break long-term resistance levels.
With bulls seemingly on the defensive, analysts' mood was understandably wary.
“BTC crashed from this huge rising chain/coin that everyone seems to be watching,” Daan Crypto Trades wrote in part of his latest Twitter update.
"23.8-24K will act as resistance. Step in and it would be a big bear trap. A bearish rejection and we are heading lower."
Meanwhile, short-term support has come in the form of whale purchases at $22,800+, according to on-chain monitoring resource Whalemap.
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