Cryptocurrencies experience another mixed day

It was a mixed day as far as price action goes across the cryptocurrency market on Wednesday as traders continued to digest the previous day’s pullback following a hotter than expected inflation figure which sent global financial markets tumbling.

Bitcoin bulls defended the psychologically significant support at $20,000 throughout early trading but were overwhelmed by a bearish onslaught in the afternoon session, which earlierly resulted in falling to a daily low of $19,629.

This spike in volatility to the downside was why price action is now sideways and choppy as the bulls and bears are on a level near-term technical playing field.

A drop in prices below chart support at the September low would give the bears fresh power to suggest a new leg down in prices while a move in prices above chart resistance at this week’s high would recharge the bulls, to suggest further gains.