The markets have been paying close attention to how the American financial crisis, which began a few days ago, is now affecting Europe.
The US PPI figures came in at -0.1% monthly, below the forecast of 0.3%, raising hopes that the FED will ease policy at its meeting next week. According to the financial and operational results of 2022, the banking crisis that began in America and expanded to Europe revealed that Credit Suisse, the large Swiss bank, had a loss of 7.3 billion Swiss francs, or 8 billion dollars.
The US stock markets experienced selling pressure due to new information and news, and after the rise in cryptocurrencies, selling pressure increased quickly due to changes occurring simultaneously with the global markets.
The Nasdaq finished the day down 0.1%, and the S&P500 was down 0.7%. With the announcement of Credit Suisse, there were stronger declines in the Euro Zone. There were around 5% pullbacks following market increases in cryptocurrencies.
Although it has repeatedly challenged the level of $ 25,250, Bitcoin is currently trading around $ 24,460, and Ethereum is also finding takers at $ 1,650. On the other hand, a horizontally positive tendency is dominant in altcoins.
The overall valuation of the cryptocurrency market has grown by 2% and is currently trading at $1.04 trillion, which is above the psychological support level of $1 trillion. With a 45.6% market share, Bitcoin is still in the lead, followed by Ethereum at 19.4%. With double-digit earnings today, ARPA and MASK stick out as the cryptocurrencies in Bitay that are growing the fastest.
Today's data on American unemployment benefit applications will be on the radar of international markets at 15:30 CET. At 16:15 CEST, the European Central Bank will declare its interest rate decision. Market participants anticipate a rise of 50 basis points. Today's Lagarde speech will also be carefully scrutinized.
Bitcoin technical analysis
After being rejected from $ 25,250, which it repeatedly tested after yesterday's PPI inflation figures, bitcoin is currently valued at $24,460 this morning.
Looking at the daily chart, it will be crucial for Bitcoin to make daily closes above the $24.885 level, which is the middle band of the channel, in the upward movement. Bitcoin is in the ascending channel and is above the crucial support level of $23,950, which continues to support its positive activity. Following that, it is anticipated that the $25,250 and $26.385 thresholds will be retested.
On the downturn, it is anticipated to maintain support at the crucial and initial level of $23,950. If this level is breached and maintained, the values of $23,170 and $22.895 can both be reached.