Bitcoin Down 2% To $71K, Faces 'Resistance' Says Trader Who Targets This Price For A Correction
Portfolio Pulse from Khyathi Dalal
Bitcoin is currently trading 2% down at $71,000, facing potential correction after reaching an all-time high of over $73,700. The U.S. reported higher-than-expected Producer Price Inflation, and the U.K. High Court ruled Craig Wright is not Satoshi Nakamoto. Technical traders predict a correction to the $52-56k range. The market's expectation for rate cuts has decreased, potentially impacting Bitcoin prices.
March 14, 2024 | 6:11 pm
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Bitcoin faces a potential short-term correction after recent highs, influenced by U.S. inflation data and a U.K. court ruling.
The decline in Bitcoin's price is attributed to higher-than-expected U.S. Producer Price Inflation data and a U.K. court ruling on Satoshi Nakamoto's identity. These factors, combined with technical analysis predicting a correction to the $52-56k range, suggest a short-term negative impact on Bitcoin's price.
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