Bitcoin’s price went through major turmoil yesterday as the numbers for the Consumer Price Index in the US got released. The cryptocurrency increased above $20,000 initially and then plunged below $19K briefly, liquidating millions of leveraged positions. After all, has been set and done, the price is now back towards the $20K level.
It goes without saying that the $20K area is critical for Bitcoin’s price – it contains multiple moving averages as well as a confluence with the all-time high during the previous raging bull market of 2017-2018. This is also the reason for which it has been heavily contested over the past few weeks.
Yesterday, around the time the US Bureau for Labor Statistics published the Consumer Price Index numbers for June, the price went on a rollercoaster, skyrocketing above $20K briefly and then dipping below $19K for a bit.
As seen in the above chart, the one-hour candle at the time of the CPI has an amplitude of 6.14% on Binance, showcasing the extreme volatility. As CryptoPotato reported back then, this also led to serious liquidations totaling over $47 million in less than an hour – across the board.
The clear outlier in the past 24 hours has been Uniswap’s governance token – UNI. It’s up a whopping 11.6% over the day as most of the top altcoins go through a chopping trading session, charting slight increases here and there and also some slight declines.
As seen in the above heatmap, ETH and BNB are up more than 1%, whereas ADA, DOT, LEO, SHIB, and others, trade at a slight decline.
Overall, the market remains in a state of extreme fear as many anticipate another leg down. This is supported by the Cryptocurrency Fear and Greed Index, which is currently at 18 points and in “Extreme Fear Territory.”
Nevertheless, it’s worth noting that the index has recovered a bit after plunging to 6 points in June.
