Why Bitcoin failed to rise above $58,000
Despite positive inflation data?
Although US inflation fell more than expected, Bitcoin failed to break the $58,000 resistance level six times in seven days, frustrating traders.
The decline of the Fear and Greed Index to “extreme fear” indicates a state of anticipation and caution among investors, who are waiting for additional declines in the price of Bitcoin to buy from lower levels.
Once again, for the sixth time in the past seven days, the price of Bitcoin fails to breach the $58,000 resistance barrier, despite a positive report on US inflation, which declined more than expected. This paves the way for the Federal Reserve to reduce interest rates, which is supposed to greatly support the prices of high-risk assets such as digital currencies.