Bitcoin price is going through a very unstable time. In fact, very recently, the price of Bitcoin crossed the $25,000 mark briefly. However, this upward trend received a bearish rejection from the investors. The reason for this rejection is the repeated trend reversals that the investors have witnessed. Therefore, they were not prepared to take any risk. As a result of this rejection, the Bitcoin price again dropped below the $24,000 mark.
In fact, the condition of the Bitcoin market was made even worse by the rapid liquidations. Therefore, it was a great challenge for Bitcoin to remain above the $23,000 mark. However, it seems that even in this problematic condition, Bitcoin is again heading towards a sharp rise. In fact, as of August 18, the Bitcoin price shifted higher above $23.5k.
This rise in price comes straight after the latest data confirmed the European Union’s highest ever inflation. If you are interested in knowing about the recent trend in the price of Bitcoin, then this article is the perfect stop for you. Keep reading the article and discover more about the Bitcoin price.
The Recent Condition of Bitcoin Price
We have relevant data from TradingView and Cointelegraph Markets Pro to suggest that the price of BTC/USD crossed $23,500 on the 18th of August. In addition, it had overnight support of $23,000. Now, this is really a rise in the price of Bitcoin. However, the week had been speciallyf frustrating for the investors, as the Bitcoin was on back foot. In fact, a pseudonymous analyst Daan Crypto Trades stated that Bitcoin was really breaking down and the investors were really keeping an alert watch on the market.
However, meanwhile, whale buy-ins at $22,800 came as a near-term support. Therefore, as of now, if the Bitcoin market turns down, then the $22,800 zone will be the watch zone.
The inflation rate for the EU in the month of July, stands at 9.8%. This is really much greater than the 2.5% inflation that the EU witnessed in July 2021. In fact, according to the statistical record of Eurostat, Estonia, Latvia, and Lithuania recorded the maximum inflations rates. On the other hand, France, Malta and Finland, had the lowest inflation rates.
However, Isabel Schnabel, member of the Executive Board of the European Central Bank filed to confirm the peaking of inflation rate even on 18th August. Thus the rise in the Bitcoin price among such towering inflation rate of EU is really an interesting phenomena to watch out for.