With the inflation ghost still floating in the air, an uncommon market situation suggests a potential trigger on BTC that could test either resistance or support around the $43K and $45K range.
showed BTC/USD awaiting a trigger to test either support or resistance nearby as Wall Street opened on Feb. 11.
The largest cryptocurrency had seen difficult moves for traders after Feb. 10's U.S. Coin Price Index data, this causing pain for longs and shorts alike as 24-hour liquidations topped $200 million across crypto. With the inflation narrative still in the air, attention focused on the probability of Federal Reserve rate hikes and their timing.
"The markets have priced in rate hikes. However, if we suddenly get an emergency rate hike in the coming week or an acceleration of the rate hikes, that's going to be harmful for the markets and potentially give a shock reaction.
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