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Bitcoin showed a sharp drop in 15 minutes!
*What Happened?*
On 11 Sep at 6:00 PM UTC, BTC dropped straight from $77,535 to $76,887. It is currently trading at $77,179.
*2 Major Reasons for the Drop:*
*1. Fear of a FED Rate Hike - 85% Chance*
August CPI data shook the market - MoM 0.4% and YoY 3.4% (higher than expected)
After this, the market is now seeing an 85% possibility of a 25-bps rate hike at the FED meeting on 15-16 Sep.
2-Year US Yield at 4.58% and a strong DXY = pressure on BTC.
*2. Middle East Tension Charsu*
- Brent Crude crossed $108
- Houthi forces seized Mocha port
- Iran created a "restricted zone" outside the Strait of Hormuz
Oil up = Inflation up = FED gets stricter = Risk assets down.
Gold became a safe haven at $4,339, but BTC was not viewed as a safe haven.
*What Is Important Now?*
- *Support:* $76,023 (if this breaks, further dip)
- *Resistance:* $79,874
- There is a large Buy Wall at $77,179 in the Order Book (Buy/Sell ratio 2.45), but how long will this wall hold?
- Technical: The daily trend is still UP (ADX 51.6), but there is short-term pressure on the 15m and 4H charts.
If Powell turns hawkish, a further drop could occur. Keep an eye on DXY and Crude Oil!
Will you Buy or Wait? 👇
#CryptoNews #FED #CPI
$ETH