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\u2019s high would recharge the bulls, to suggest further gains.
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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 …<\/p>\n","protected":false},"author":13,"featured_media":55266,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40,36],"tags":[6904,6903],"class_list":["post-72184","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-cryptocurrencies","category-market-updates","tag-bitcoin","tag-cryptocurrencies"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=72184"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72184\/revisions"}],"predecessor-version":[{"id":72189,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/72184\/revisions\/72189"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/55266"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=72184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=72184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=72184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}