Bitcoin price heads above $23.5K after highest EU inflation in history
Bitcoin (BTC) shifted higher on Aug. 18 as the latest data confirmed the European Union’s highest ever inflation.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $23,500 at the time of writing, having preserved $23,000 as support overnight.
Concerns over a deeper risk asset drawdown had become widespread over the week, with Bitcoin and Ether (ETH) notably unable to crack long-term resistance levels.
With bulls seemingly on the back foot, the mood among analysts was naturally wary.
“BTC did break down from this huge rising channel/wedge everyone seems to be watching,” Daan Crypto Trades wrote in part of his latest Twitter update.
Near-term support meanwhile came in the form of whale buy-ins at $22,800 and up, on-chain monitoring resource Whalemap argued.
Now just below Bitcoin’s 200-week moving average, the $22,800 zone should be the line in the sand to watch in the event of a market downturn.
“Back to square one,” the Whalemap team summarized alongside a chart showing the extent of hodled whale coins by price point.
Macro triggers were clearly inflation-skewed on the day, with the EU’s 9.8% July print headlining.
Related: Bitcoin miners hodl 27% less BTC after 3 months of major selling
The figure for July marked the bloc’s highest ever inflation reading, up from 9.6% year-on-year in June. For context, in July 2021, inflation was 2.5%.
“The lowest annual rates were registered in France, Malta (both 6.8%) and Finland (8.0%). The highest annual rates were recorded in Estonia (23.2%), Latvia (21.3%) and Lithuania (20.9%),” a report from Eurostat stated.
In an interview with Reuters on Aug. 18, Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB), could not say with confidence
Read more on cointelegraph.com
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