MARKET WRAP: Germany's higher than expected inflation data roiled crypto markets, send BTC tumbling Friday on continued fear of worldwide interest rate hikes. GWilliamsJr_CMT and JimmyHe32 report
Bitcoin took a significant downward turn overnight, reacting poorly to unexpectedly disappointingBTC’s hourly chart shows a 4% decline at 06:00 UTC, about the same time as the release of Germany’s PPI data. The report adds to market fears that the U.S. Federal Reserve and other central banks will take aggressive measures to stem inflation, which would likely have a negative impact on asset prices.
The VPVR tool measures levels of activity at specific price levels, and can show areas where price agreement occurs. Low volume nodes represent areas of lower activity, and often represent areas of increased price volatility. Should BTC prices decline below $21,000, traders holding puts at $21,000 have motivation to exercise their right to sell BTC, which would put additional downside pressure on BTC.Bitcoin’s daily chart shows a potential tug of war at the $21,000 mark
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