Bitcoin was edging higher, hoping that a reasonable CPI print yesterday would give risk on assets the green light to rally. Unfortunately, CPI came in red hot, suggesting that the Fed will double down their tightening efforts in order to get it under control. Bitcoin rejected $22.4K, and smashed through $20.7K. Currently we are clinging to support at $20K with $19.5K the next level to provide support. It will take some time for BTC to recover from this, but we must break through $22.4K before considering higher levels.
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