What is the price level and market conditions for Bitcoin (BTC) in light of US inflation data?
The US inflation data for January 2023, which affects the economy and the crypto sector around the world, was announced as 6.4 percent annually. With the announced data, first an increase and then a decrease were observed on the BTC side. With the effect of the announced US inflation data and the increasing FUD news in recent days, BTC is currently trading at $ 21,700.
Bitcoin (BTC) Chart Analysis
In the light of the announced US inflation data, there was a sudden increase in BTC price and market value, while a sharp price decrease was seen on the BTC side after the data release. With the positive reflection of the US inflation data on the crypto side at first, the price had reached the level of $ 21,900, after the announcement of the data, there was an instant decrease to the level of $ 21,540 on the BTC side. While BTC has set the $21,900 level as resistance, the closest support level is at $21,400.
Bitcoin Dominance, What is the Latest Situation for Altcoins?
BTC has turned the 43.68 level into a support level in the dominance after the movement in the price with the effect of the announced US inflation data. In order to observe a rise on behalf of altcoins, the 43.60 level in BTC dominance will need to be broken down. If BTC dominance exceeds 43.94 and rises to 44.28, the price of altcoins may decrease.
Market Value Analysis for Bitcoin
BTC market value has been volatile lately. With the release of US inflation data, instant decreases were seen in the BTC market value. However, it was observed in sharp rises afterwards. BTC, whose market value has decreased in recent days, has been adopted as the support level with its market value of $ 412.9 billion. In an upward scenario, BTC can be expected to exceed the market value of $ 430.7 billion and go to a market value of $ 439.3 billion.
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