Bitcoin price tops $235k after highest inflation in EU history

Bitcoin (bitcoin) moved higher on Aug. 18 as the latest data confirmed the highest level of inflation in the EU.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingView

BTC spot price support and resistance approaching

data from Cointelegraph Market Pro and Transaction view shows that BTC/USD is above $23,500 at the time of writing, $23,000 reserved as overnight support.

With Bitcoin and Ethereum (Ethereum) especially Unbreakable long-term resistance.

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).”

Annotated diagram of Bitcoin whale wallet inflow.Source: Whalemap/Twitter

Inflation hits record

Macro triggers for the day were clearly skewed towards inflation, with EU July print at 9.8%.

related: Bitcoin miners hold 27% less BTC after 3 months of massive sell-off

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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