BTC Drops by Over $2,000 in the Last 24 Hours – Market Updates Bitcoin News

Cryptocurrency prices plunged in today’s session, as markets reacted to the latest U.S. inflation report. Bitcoin prices dropped more than $2,000 within the last 24-hours, with consumer prices falling less than anticipated in the United States. Ethereum also fell below $1,600, which was a red flag.


Bitcoin (BTC) was trading lower in today’s session, as markets continued to react to the latest U.S. inflation report.

The BTC/USD intraday drop to $20,062.67 after Tuesday’s peak of $22,673.82

Markets had expected August’s consumer price index (CPI) to come in at 8.1%, down from 8.5% the month prior.

Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours
BTC/USD – Daily Chart

However, with the CPI coming in at 8.3%, traders’ confidence faded, leading to a bloodbath across the crypto market.

The chart shows that this selloff occurred after a false breakout at $22,600 resistance. Prices are now hovering near a crucial support point.

BTC/USD traded at $20.164.21 (a little below its floor of $20.600) as of the writing of this article.

We could see traders targeting a $19,000.300 support level if bearish sentiment continues throughout the day.


Ethereum (ETH), which fell to $1,600 on the day of The Merge, was also hit by the bearish storm.

Less than 24 hours after hitting a high of $1,637.05, the world’s second largest cryptocurrency dropped to a bottom of $1,564.03 on Wednesday.

This week’s drop in USD/ETH saw the token reach its lowest level in the past week. It is now close to $1,550 as a long-term floor.

Bitcoin, Ethereum Technical Analysis: BTC Drops by Over $2,000 in the Last 24 Hours
ETH/USD – Daily Chart

The bulls have so far not broken below this level, and many are choosing to reenter the market and purchase the current dip.

Ethereum currently trades at $1,594.08, and the bulls will likely try to get prices above $1,600.

Many still expect that ETH will rally in upcoming days, remaining optimistic about tomorrow’s Merge, and the long-term implications it could have.

Get weekly price analysis emails sent straight to your inbox by registering your email

What do you think will happen to sentiment in ethereum in the next few days? Please leave your comments.

Eliman Dambell

Eliman is a market analyst with a diverse perspective. He has previously been a broker director and an educator in retail trading. He is currently a commentator on various asset classes including Crypto, Stocks, and FX.

Image creditShutterstock. Pixabay. Wiki Commons

DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.

Get more Crypto News at CFX Magazine