Bitcoin sold off sharply after US CPI showed that inflation was yet again hotter than expected. This confirms the Fed's rate hike trajectory, which some were hoping would pivot after signs of inflation cooling. Initially, Bitcoin sold off hard with the news, breaking through our level at $18.6K. But soon after the selloff, Bitcoin pivoted and recovered the losses. We quickly recovered back to the $19K's, breaking through $19.0K with ease and then $19.5K. Dedicated readers should have been prepared for resistance at $20K, as we have been highlighting this as a barrier for Bitcoin for a while. Sure enough, we are currently facing resistance here. We will need a lot more momentum to break through to recover the $20K's. Expect support in the $19K's, with $18.6K a floor price for now.
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