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
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.