Despite the price drop…One of the Bitcoin indicators is very bullish
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Answer Despite the price drop…One of the Bitcoin indicators is very bullish
Bitcoin lost its momentum after the release of the Consumer Price Index for July 2022.
Bitcoin has suffered sharp and significant losses, with the price dropping nearly 10% in 24 hours.
Ethereum, which was showing a bullish movement after the progress of the Ethereum integration and upgrade, also dropped significantly.
Reports highlighted that more than half a billion dollars of cryptocurrency was liquidated as Bitcoin and Ethereum plummeted.
Despite the negative context of the bitcoin price recently, there is a new leading indicator that indicates that bitcoin is set to be very bullish.
The “Hash Ribbons” indicator gave a bullish signal for Bitcoin.
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According to many experts, the Hash Ribbons is one of the most important Bitcoin indicators.
Why did the price of bitcoin drop?
The price of Bitcoin increased significantly after the release of the Consumer Price Index.
The Consumer Price Index, released by the US Bureau of Labor Statistics, was lower than expected.
This highlighted cold inflation after months of record levels.
In addition, the US GDP has shown negative growth for two consecutive months.
This meets the technical criteria for a slack.
Both factors led everyone to believe the Fed would deviate from its hawkish stance.
However, the release of the FOMC minutes and public comments made by some Fed officials speak otherwise.
Some historically cautious Fed officials, such as Neil Kashkari, the president and CEO of the Minneapolis Fed, have emphasized that he supports the hawkish stance against inflation.
Analysts also indicated that bitcoin traders may also be dealing with conditions in Europe.
The UK is already experiencing double-digit inflation.
Meanwhile, product prices in Germany rose by more than 37%.
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Bitcoin fell significantly and sharply.
Regarding the axis of the article and the answer to the article title related to the “Hash Ribbons” indicator, the price of Bitcoin did not show any movement or response to the buy signal from the “Hash Ribbons” indicator.
Experts believe that it is only a matter of time before traders start accumulating again.
Currently the bitcoin price is trading at $21,100.
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