Bitcoin [BTC] It took another hit after the disappointing inflation news released on September 13th. The brutal CPI report eventually led to a collapse of nearly 10% for BTC on the price charts.
According to the latest data, BTC traded at $20,300 after losing a major support overnight. at recent days tweetData analytics platform Santiment reports that Bitcoin slumped along with the S&P500’s biggest drop in two years.
The update also quickly agreed that “tThe correlation between sectors remains high, and encryption Zero likes better justice He approves.”
Another significant indicator of research and development growth was seen in the realized market value ratio (MVRV). In the next Glassnode Modernization, the ratio of MVRV (1d MA) decreased to less than one. It was hovering around 0.997 at the time of publication.
It is expected to slip further as conditions will continue to deteriorate before any recovery. The recent drop simply means that short-term traders have more losses in their bitcoin holdings.
How is that?
But just before the crash, BTC showed signs of a serious upward movement. This can be seen in the increasing BTC holdings in shark and whale headlines since the bear market began.
In this regard, Santiment advertiser The amount of bitcoin addresses holding 10 or more bitcoins has increased “significantly” since mid-February.
In fact, since February, the number of such addresses has increased by 3.6% on the network and is at its highest point in 19 months.
It’s no secret that the current crash will have a huge impact on Bitcoin’s recent growth.
Additionally, as of September 13, the token was able to cross $22,500 for the first time in more than three weeks. However, it has retested the $20,000 support level at the time of writing.
Additionally, Bitcoin’s profit-to-loss ratio reached its highest point since March 2022 on September 13.
The inflation-approved carnage is sure to continue to dampen the sentiment of the cryptocurrency in the near term. As it stands, it is time for Bitcoin to “gather itself” and maintain its current levels.