The price of Bitcoin dropped as much as 18,183 today where it has found strong demand. Now, it is trading at 18,938 at the time of writing. Technically, the price reached a strong support zone and now it has tried to rebound and recover. BTC/USD dropped by 5.44% from yesterday's high of 19,229 to 18,183 daily low.
Fundamentally, the cryptocurrency crashed after the US inflation data was released. As you already know, the US reported higher-than-expected CPIs. In the last hour, BTC/USD is up by 0.82% but is down by 0.89% in the last 24 hours.
BTC/USD Reached Major Support!
Technically, the price dropped within a minor down channel in the short term. The false breakdown with great separation below the 18,271 - 18,540 support zone signaled exhausted sellers and announced a potential rebound.
The downtrend line and the 19,265 former high represent upside obstacles. BTC/USD retested the broken downtrend line and now it is fighting hard to recover. In the short term, it could continue to move sideways within the current range.
BTC/USD Outlook!
A valid breakout from the minor channel followed by a new higher high, a valid breakout through 19,265 could activate a potential growth towards the 20,381 key resistance.
