Bitcoin’s Price Plummets on Global Inflation Concerns

The BTC hourly chart below illustrates the time of the German PPI announcement, coinciding with the decline in BTC prices. The drop came along with excessive volume for the hour 06:00 UTC, compared to BTC’s 20-hour moving average. The decline also occurred within a price range with historically lower volumes. The Volume Profile Visible Range (VPVR) tool, applied to the BTC hourly chart, shows a collection of “low volume nodes” between $ 22,000 and $ 21,000.

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