BTC goes below 30k after US inflation rate reports

[Leviathan.007]

Once the again the price dropped down for a few and people are worried about the price of bitcoin because they do not have a log term vision, in the first place we should look deeper and understand the price is not still even near the danger and it was at this level during the last two weeks so that's not surprising and we shouldn't be worried about it, regardless of that even if the price goes to the lower levels and pass the key support area with a sharp price movement still the long term holders will stay safe because they actually don't care about the price in short term. with a proper plan and risk management plan they will stay safe even when the price falls down to lower prices and that's what we have to do in this situation.

[Rufsilf]

Anyhow, we can really expect that kind of price fluctuation even without such a US inflation report. We are in the bear mode market, perhaps the price is moving to that range of $28k - $31k. This is not a big surprise, not even a big news to cause panic but yes, we can't just ignore their contribution to the market trend as this country also has the influence.

Well, something we need to keep our trust stronger and keep our minds positive. We can just surpass this situation just like before.

[Stalker22]

Anyhow, we can really expect that kind of price fluctuation even without such a US inflation report. We are in the bear mode market, perhaps the price is moving to that range of $28k - $31k. This is not a big surprise, not even a big news to cause panic but yes, we can't just ignore their contribution to the market trend as this country also has the influence.

Well, something we need to keep our trust stronger and keep our minds positive. We can just surpass this situation just like before.

I remember early 2021 when we made $ 39k for the first time and we thought we had reached the sky, but as we all know Bitcoin didn't stop there. Now it has been almost six months that we have been in negative territory and that is mostly because of the war, the Russia sanctions, the oil price, and the decline in the global economy. Of course, there are other factors but as we already know, correlation is the mother of all relationship.

[PrimeNumber7]

Technically btc should go up with news linked to inflations in fiat markets because logically Bitcoin's point becomes stronger with every bit of depriciation in dollar.

You are correct, however, you must also factor in interest rates. As interest rates go up, the value of a dollar in the future becomes less valuable. This is important because if a speculator believes the price of an asset (such as bitcoin) will go up by 10% in one year, this return will become less attractive when interest rates increase.

I believe the reason why some are selling has to do with the fact that expected future returns on speculative assets now look less attractive with interest rates rising.

The price decline has more to do with the anticipated future higher interest rates that will be necessary to deal with inflation, than inflation itself.

[Vaskiy]

Anyhow, we can really expect that kind of price fluctuation even without such a US inflation report. We are in the bear mode market, perhaps the price is moving to that range of $28k - $31k. This is not a big surprise, not even a big news to cause panic but yes, we can't just ignore their contribution to the market trend as this country also has the influence.

Well, something we need to keep our trust stronger and keep our minds positive. We can just surpass this situation just like before.

US being a major country with increased cryptocurrency usage, anything happening in USA will have direct impact over the market of bitcoin. That's the reason why the price drop is connected with the rising inflation of USA. The bear trend keeps the price within specific range. This can drop even lower. Today it has marked low price reaching near to $28k.

[Mpamaegbu]

Technically btc should go up with news linked to inflations in fiat markets because logically Bitcoin's point becomes stronger with every bit of depriciation in dollar.

I think so too and I believe what happened to price around the time of the news is nothing but market correction. Come to think of it, Bitcoin has remained below $30k for few days now before the news. So, it's nothing much apart from the OP zooming in on the graph on the hourly TF and that made it seemingly alarming.

I think this was just a market reaction to the news immediately

No, I don't think it was. If anything, Bitcoin is taken as a safe haven for the troubled dollar. I think it was a mere coincidence that Bitcoin price dropped at that time. That's not even a severe drop compared to what we've seen in the past week. A check shows that Bitcoin did $26,700 a few days ago while it's still trading around $27,500 at the moment.