How Volatile Will Bitcoin Be Today? LUNA and LUNC keep falling

It could be a very volatile day in the cryptocurrency world. The next US Consumer Price Index (CPI) will be released later today. Depending on how high these inflation figures turn out, it could provoke a violent reaction in the financial markets. The figures will be published at 14:30 Dutch time. What do you expect prices to do after CPI? Talk about it in our Discord community!

Bitcoin tests resistance, hash rate to new record

Bitcoin (BTC) broke through the $22,000 mark yesterday morning and then the 100-day simple moving average without too much trouble. However, the price is encountering resistance around $22,400, and bitcoin has failed to break through three times in the past 24 hours.

At the time of writing, the BTC price is down to $22,200 on Binance and $21,900 on Bitvavo. Should bitcoin break through, the next resistance zone is between $22,780 and $23,400, according to Whalemap. Should bitcoin break through this as well, we may see a retest of the $25,000 high this summer. But will we see a continuation of the downward trend after that?

Meanwhile, rising hashrate, or the Bitcoin network’s computing power to a new record. According to data from BTC.com, it peaked at 282 yesterday exahashes second (EH/s). This means that in approximately 11 hours the so-called mining difficulty, or difficulty, with 3.11% will rise to a new record. This is a sign of a healthy and secure network, but it also puts more pressure on the miners.

Ethereum falls a little, merges closer and closer together

Ethereum (ETH) falls slightly in the run-up to the long-awaited ‘merger’. The Ether price ran into too much resistance around $1,780 and fell to $1,680 last night. At the time of writing, ETH is at $1,715 and is down 2.3% today.

If all goes well, Ethereum will perform the merger within two days. Then the network switches off proof of work ugly proof of effort and ether miners will be a thing of the past, except for a small group that has one hard fork want to enforce. Still, the merger is expected to cause a significant market shift.

Solana fastest climber top 10 crypto

Among the major cryptos, solana (SOL) has risen the most in the past 24 hours and last week. SOL peaked around $38.8 this morning after gaining 8.5% in the past 24 hours and 20% from a week ago. So far, SOL is holding above $38.4. Slowly, it seems that the market for non-fungible tokens (NFT) is catching on to the network.

Ravencoin fastest rising crypto top 100

Ravencoin (RVN) is the fastest climber in the top 100 today. The RVN price peaked at around $0.072 last night, the highest price since April. RVN fell to $0.062 overnight but is still up 15% today and up 60% from a week ago. It is speculated that the increase is due to ETH miners switching to RVN, a PoW crypto.

Luna & Luna Classic continues to drop

In contrast, the prices of terra (LUNA) and terra luna classic (LUNC) continue to fall. After the huge increase that both prices made last week, they have continued to fall in recent days. LUNC is today again 13% in the red and LUNA even 17%.

Trade with Crypto Insiders

Looking for help with trading? Do you have questions and want to receive technical analysis immediately? Sign up and try a Premium membership for free for 30 days. Here, our analysts share their market knowledge and the latest analysis 24/7. Here you can also get in direct contact with various market experts and crypto enthusiasts who are ready to help you!

Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips on this website are based on our analysts’ own insights and experiences and are for educational purposes only.

Leave a Comment