Bitcoin June 10, 2022 – is the bottom holding?

One-year sideway – The price of Bitcoin (BTC) loses the $30,000. Forecasts from traders and analysts reveal the scale of the challenges for a bullish rally.

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Bitcoin Price Below $30,000: Rising Inflation, Dollar Pump

Bitcoin price makes forays under $29,000 today, June 10, 2022. The cryptocurrency is trading at $29,192 at the time of writing. Its price is currently recording a daily loss of 3.32%.

The day is bearish, as the figures confirm rising inflation. Today’s publication of the Consumer Price Index (CPI) figures is not favorable for the markets.

IPC records an increase of 8.6% on a year-over-year basis, the highest since 1981. This figure is higher than forecast.

How can the markets explain this downward pressure exerted by the increase in inflation on the price of Bitcoin?

For market analyst Kevin Svenson, the US Federal Reserve will increase probably interest rates with such inflation.

With this scenario, the dollar (DXY) is rising. While Bitcoin price and risky assets are expected to “face a lot of bearish moves”.

Also, lateral moves are possible over a year, according to Kevin Svenson. An “instant recovery” would be unlikely.

Based on this assumption of a decline, what would be the next level to watch for the price of Bitcoin?

Next stop $28,000: unless this level is regained

Altcoin trader Sherpa shared a 4-hour chart of the BTC/USD pair. He observes a market with a overall bearish structure. The price of Bitcoin could fall, according to the trader, below $28,000.

Altcoin Sherpa post – Source: Twitter

Another analyst is issuing a similar bearish forecast. CrediBULL Crypto shared a 2-hour chart of the BTC/USD pair. The graph shows a four times test from the support zone around $29,000.

Towards a fall to $28,000 for the price of Bitcoin (BTC).
Publication of CrediBULL Crypto – Source: Twitter

Given these numerous tests, the price of Bitcoin would be heading probably around $28,000. Unless it comes back according to CrediBULL Crypto, above $30,000 to avoid such a fall.

Will the drop to $28,000 break the almost perfect boredom in the markets? The price of Bitcoin would in other words break out of the current routine, from below.

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