#Bitcoin❗ price loss, which occurred at a crucial support level, impacted the entire crypto market. Investors sold off following lower-than-expected US Consumer Price Index (CPI) data.#LowestCPI2021
👉Bitcoin (BTC) Weekly Wrap::
•Bitcoin’s price fell by over 5% in the last seven days as crypto investors moved to sell. $BTC and the rest of the market rose slightly this week following the release of inflation data but fell soon after due to profit-taking.
•This led to BTC losing the crucial support of $60,000, resulting in Bitcoin’s price trading at $58k at the time of writing. Looking to bounce off the support at $58,200 BTC, BTC could recover $60,000 as support.
•However, if this does not happen and the decline continues, the crypto asset could end up losing $57,000. The next crucial support lies at $54,500, and testing it would invalidate the bullish thesis.
•#etherreum Ethereum’s price has failed to secure a recovery, rising by 11.75%, trading at $2,618 at the moment. The altcoin king did not manage to close above the resistance at $2,681 despite breaching it twice in the last week.#ETHETFsApproved
•The likelihood of a price decline in ETH looms, though it may not drop below $2,400. The next key support level is at $2,344, but the altcoin could stay nearer to the resistance level of $2,681.
•However, if bearish cues dominate the market and ETH notes a decline, it could fall to test the support at $2,344, invalidating the bullish thesis.
