Despite Bitcoin’s tumultuous performance following an announcement of the US Federal Reserve regarding its new approach to average inflation targeting, the cryptocurrency has managed to stabilize around $11,400 where it’s currently trading at.
Elsewhere, Chainlink and Polkadot are both in red but LINK has returned to the top 5 coins by market cap.
Bitcoin Spikes And Drops
As CryptoPotato reported yesterday, the US Federal Reserve announced new plans to target inflation averaging 2% over time. While some may have expected this, the news had an immediate effect on prices among all financial markets.
Bitcoin went rapidly from below $11,300 to an intraday top just shy $11,600. As sharp as the pump was, a drop followed just as vigorously, and BTC bottomed at about $11,100.
The cryptocurrency has recovered since the daily low and is currently trading at $11,400. Should another price dip materialize for BTC, it would have to rely on $11,200, $11,100, and $11,000 as support.
In case the asset emerges upwards, it needs to overcome the significant resistance at $11,800 before having a chance to face-off with the psychological $12,000 level. Continue Reading