Main navigation

Bitcoin (BTC) Down to Almost Two-Month Low of $26,378 After Peter Brandt's Warning

Fri, 05/12/2023 - 10:56
article image
Yuri Molchan
Leading digital currency keeps dropping since CPI release day
Bitcoin (BTC) Down to Almost Two-Month Low of $26,378 After Peter Brandt's Warning
Cover image via www.pexels.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Bloomberg Terminal data shows that the flagship cryptocurrency, Bitcoin, has almost reached a two-month low, now trading at the $26,372 level.

Previously, Bitcoin was seen at that price mark in the middle of March, more or less two months ago. As reported by U.Today earlier, over $142 million worth of cryptocurrencies, including Bitcoin, Ethereum and PEPE meme coin, have been noticed recently.

These liquidations have pushed BTC down 4% within the last 24 hours. Ethereum has fallen to $1,746, also losing more than 4% over the past 24 hours.

Bitcoin has been going down since May 10, the day when the CPI report came out with a lower figure than had been expected by analysts. This fostered the probability that the Federal Reserve would put its rate hikes on hold, and Bitcoin recovered the $28,000 level.

Related
Crypto Market Liquidation Tops $142 Million, Here Are Worst-Hit Coins

It is likely that traders began to lock in their profits after that peak and began to sell their BTC. Besides, prominent old-school commodity trader Peter Brandt, respected in the crypto community, tweeted that he had spotted a Head & Shoulders pattern forming on the Bitcoin chart.

If that pattern is completed, he stated, Bitcoin is going to plunge. All in all, since May 10, Bitcoin has lost nearly 7% in price.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.