Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Here's another fantastic weekend. Let's talk about crypto market. Bitcoin is again struggling from 66k to 60k. Last night again it dumped to 59k as someone sold bigger bag of bitcoin. In the last 24 hours, Bitcoin has seen panic as it’s been consolidating for nearly eight months, which is unusual. Recent US CPI data showed a slight decline in inflation, coming in at 2.4% instead of the expected 2.3%. While this is somewhat positive, core CPI increased to 3.3%, which may lead the Fed to cut rates more slowly—potentially just 25 basis points instead of 50.
The S&P 500 didn’t react negatively to the CPI data, but Bitcoin and crypto markets are more sensitive. Recently, there was a sell-off on Coinbase shortly after the CPI release. This indicates that market movements can be influenced by large sell orders, especially from whales. Bitcoin is currently trading above $62,000, with a crucial support level at $61,500. Overall market sentiment is low, and many investors are wary. Bitcoin dominance is high while altcoins are struggling, which is often a good time to hold or invest in Bitcoin. Don't lose your hope mates, good day are coming. That’s it for today. Here's the latest update video of crypto market. Thanks & have a good weekend!!
@abfarhan