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Bitcoin Recovers After Selloff

Bitcoin sold off sharply after US CPI showed that inflation was yet again hotter than expected. This confirms the Fed's rate hike trajectory, which some were hoping would pivot after signs of inflation cooling. Initially, Bitcoin sold off hard with the news, breaking through our level at 18.6K. But soon after the selloff, Bitcoin pivoted and recovered the losses. We quickly recovered back to the 19K's, breaking through 19.0K with ease and then 19.5K. Dedicated readers should have been prepared for resistance at 20K, as we have been highlighting this as a barrier for Bitcoin for a while. Sure enough, we are currently facing resistance here. We will need a lot more momentum to break through to recover the 20K's. Expect support in the 19K's, with 18.6K a floor price for now.