Key Takeaways
- Bitcoin holds just below $90,000 after another milestone week. Â
- US Inflation data lands as per expectations. Â
- Bitcoin fails to remain above the upper limit on Bollinger Bands analysis.  Â
It’s been another week of milestones for Bitcoin, with the latest all-time high figure reaching just above $92,000 US before falling early Thursday morning.
Moving forward to today, and Bitcoin has put in it’s largest daily loss since the 1st of October, with a -3.4% movement where prices currently trade around $87,700 US. Could this be the trend finally cooling off?
Altcoins also feel the pain, with DOGE closing the day with a -9% loss and WIF with a -13% loss.
US Inflation lands as expectedÂ
This week, the latest figures for the Consumer Price Index (CPI) and Producer Price Index (PPI) landed as expected in the US. There is still one more meeting left for 2024, this data may likely influence further actions by the Fed.
Yearly inflation rates currently sit at 2.6%, aligned closely with the Committee’s 2% target rate.
Fear and greed currently reads 85 – Extreme Greed.
Bitcoin AnalysisÂ
Looking at Bitcoin’s technical movements through the lens of Bollinger Bands, we can see that the price has closed below the upper limit (two standard deviations from mean) on a daily time frame.
This may suggest a mean reversion back towards the middle of this indicator over the coming days.
💱 Swyftx FlowsÂ
The buy-to-sell ratio for unique Swyftx orders is nominally >$20,000 AUD (rolling data over the last 7 days, captured at 09:00 am AEST).
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