By now it’s lunch time again so we take a look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we analyze the impact of US inflation data and stock market news. Finally, we analyze bearish signals.
We start of course with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto flat
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 19,424.89 ($19,791). This is 0.48% higher than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto are also remarkably flat. The biggest loss is currently at -1.17% for Polygon (MATIC). The biggest gain is at +2.02% for OKB (OKB). On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Is the Bitcoin price showing silence before an inflation storm?
According to analysts, the crypto market, like other financial markets, is awaiting the U.S. inflation data to be released this afternoon. This is because they obviously affect the economy, but also because they are a trigger for the Fed’s upcoming interest rate policy.
It is expected that record inflation of some 8.8% will be reported. It is analyzed that the likelihood of a Bitcoin price drop will increase the higher inflation will be. A price drop to $15,000 cannot then be ruled out.
Based on previous price movements after major inflation updates, we expect volatility anyway. So it will be an exciting day.
Stock market news: investors lose interest in BTC
If we analyze the data from exchanges we see a worrying trend. For example, the number of BTC brought on the exchange dropped to 2,013. This is the lowest level since June 2020. In the last 14 months, the number of BTC deposits decreased by 60%.
Normally this is a bullish sign, but this is offset by the lack of buyers. The market capitalization decreased to $421 billion which is the lowest level in 8 months. We also see that institutional investors are saying goodbye to BTC investment products en masse. With that, it seems that the market is currently mostly made up of people hoping that their crypto holdings will rise in value again, while investors are holding off.
Technical Bitcoin analysis, is bear run leading us to the bottom?
Even without the inflation ghost over the market, Bitcoin investors seem to be gearing up for a further price drop. Indeed, we see that the Asian market is bearish and that long-term investors do not want to get in.
The question now, of course, is where this next bearish correction (as they say “another leg down”) will lead. Recent analyses show that it is in line with previous bearish analyses.
Twitter won’t load because you didn’t give permission.
#Bitcoin Bottom scenario :
Since #BTC downtrend from its peak $BTC has been farming the same Decending triangle pattern every time, but each triangle is becoming smaller
We might see another breakdown from triangle & 400WMA can be bottom #Crypto #cryptocurrencies #cryptocurrency https://t.co/BsXBAJHa4P pic.twitter.com/oAQ0IX5XgU
– Aditya Siddhartha Roy❁ (@Adityaroypspk) July 7, 2022
If the bottom is indeed found and confirmed the recovery could be hard. Indeed, despite all the malaise, the long-term indicators remain bullish.
We will of course continue to follow developments and report back tonight in our crypto update.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”