Hassan Maishera
TL;DR
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Cryptocurrency investors were unmoved by the improved inflation figures reported in the United States yesterday.
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Bitcoin continues to trade above the $30k level but could decline toward $29k in the near term.
Bitcoin Stays Above The $30k Support Level
The cryptocurrency market underperformed over the last 24 hours, with most cryptocurrencies trading in the red zone.
Bitcoin, the world’s leading cryptocurrency by market cap, has lost 1% of its value in the last 24 hours. At press time, the price of Bitcoin stands just above the $30,300 mark.
This poor performance came despite improved inflation figures in the United States. The US Consumer Price Index data was released on Wednesday, with inflation rising by 0.2% last month.
The inflation level was lower than what market analysts had predicted. The declining inflation figure could see the US Federal Reserve slash interest rates, a move that could favor the cryptocurrency market.
Despite the positive news, investors were not moved to act, with Bitcoin losing 1% of its value over the past 24 hours.
With the market facing a bearish sentiment in the near term, Bitcoin could test the $29k support level in the near term before it resumes its upward movement.
Bitcoin Cash is the best performer amongst the top 20 cryptocurrencies by market cap in the last 24 hours. Following its rally last month, BCH has maintained its value above $280 in recent days.
At the moment, the total cryptocurrency market cap stands at $1.18 trillion, down by more than 1% so far today.
