Bitcoin Slips to Ten-Day Low Amid SBF Trial and Inflation Concerns
Bitcoin (BTC) has experienced a four-day decline, with attention on the ongoing trial of Sam Bankman-Fried (SBF). Caroline Ellison, former CEO of Alameda Research, has accused herself of committing fraud under SBF’s direction. Additionally, the market has been affected by anticipation of the upcoming U.S. Producer Price Index, a key indicator of inflation.
Bitcoin’s Decline
Following its peak at $27,605.82 on Tuesday, BTC/USD dropped to an intraday low of $27,017.64, marking its weakest point since October’s beginning. The drop briefly pushed bitcoin below the $27,100 floor before bulls reentered the market. The relative strength index (RSI) fell below its support point at 53.00 and currently stands at 51.67. BTC has recovered from its low and is currently trading at $27,292.17.
Ethereum’s Recovery
Ethereum (ETH) has managed to return above its key support level of $1,565 after breaking out earlier in the day. It reached a low of $1,551.68 but rebounded to its current price of $1,575.39. However, this remains lower than Tuesday’s peak at $1,587.56 and keeps ethereum near a one-month low.
Potential Downtrend for Ethereum
The recent sell-off has caused the 10-day moving average (red) to cross with the 25-day moving average (blue). If this downtrend continues to develop, there is a possibility that ETH will fall below $1,500.
Hot Take: Bitcoin Slips Amid SBF Trial and Inflation Worries
Bitcoin has experienced a decline to a ten-day low as the trial of Sam Bankman-Fried continues. The allegations made by Caroline Ellison, former CEO of Alameda Research, have added to the negative sentiment. Additionally, investors are concerned about the upcoming U.S. Producer Price Index, which serves as an important gauge of inflation. While bitcoin has rebounded from its lows, it remains to be seen how these factors will impact its future performance.
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