Bitcoin (bitcoin) moved higher on Aug. 18 as the latest data confirmed the highest level of inflation in the EU.
BTC spot price support and resistance approaching
With bulls appearing to be on the back foot, analyst sentiment is naturally cautious.
“BTC did crash out of this huge ascending channel/wedge that everyone seems to be watching,” Daan Crypto Trades wrote in his latest part of the article Twitter update.
“23.8-24K will act as resistance. Re-break and it will be a huge bear trap. Bearish rejection and we are heading downhill.”
Meanwhile, on-chain monitoring resource Whalemap believes that near-term support comes in the form of whale buying at $22,800 and above.
Now slightly lower than Bitcoin 200-week moving averagethe $22,800 area should be the bottom line to watch in a sluggish market.
“Back to square one,” the Whalemap team Summarize The chart next to it shows the range of whale coins held by price point.
“Whale accumulation at $23,400-$22,800 remains our closest support for Bitcoin (if we start to decline).”
Inflation hits record
Macro triggers for the day were clearly skewed towards inflation, with EU July print at 9.8%.
The July figure was the highest ever inflation reading for the euro zone, up from 9.6% y/y in June. For context, inflation in July 2021 was 2.5%.
“France, Malta (both 6.8%) and Finland (8.0%) have the lowest APRs. Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%) have the highest APRs,”a Report Eurostat said.
“Compared to June, annual inflation fell in six member states, held steady in three and rose in 18 member states.”
in a interview Isabel Schnabel, a member of the European Central Bank’s (ECB) executive board, told Reuters in an interview on August 18 that inflation has peaked, which does not give confidence.
“I don’t rule out a further rise in inflation in the short term,” she said.
“But there is a high degree of uncertainty in any forecast right now. So it’s hard to predict when inflation will peak.”
The EU data came a day after Britain recorded its first double-digit inflation reading since the early 1980s.
U.S. prices rose this month seems to be slowing downthe next inflation data will be released on September 13.
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