12/04/2022
Good New for those who are looking to buy in😊🎊🎉Let's Create Digital Wealth📲💰💱
Bitcoin and ETH both fell below key price levels on Tuesday, as crypto bears continued to push prices lower. Despite this, both have now regained these levels following news that U.S. inflation rose to a record 8.5% year-over-year. Overall, cryptocurrency markets were down 1% as of writing.
Bitcoin
BTC dropped below its key level of R600,000 earlier in today’s session, as recent losses in value continued to mount.
Following a high above R630,000 to start the week, BTC/USD fell to an intraday low of about R590,595.9 on Tuesday.
This is the lowest level BTC has traded since March 16, however declines have somewhat eased as the floor was hit.
Bitcoin, Ethereum Technical Analysis: BTC Back Above R600,000 Following Record U.S. Inflation Data
BTC/USD – Daily Chart
As seen on the chart, this floor was at the +-R591,750 level, which then gave bulls the courage to re-enter the market due to previous rebounds which occurred at this price.
Since today’s low, BTC is now trading at +-R604,050 meaning that losses have eased, and now sit at negative 1.82% for the day.
Price strength continues to be oversold, which could be yet another positive for bulls looking to buy recent dips in value.
This is the best time to buy in with any amount you have if you're willing to create your crypto portfolio🔥