Bitcoin started to rise with the release of data showing record-breaking inflation in Europe on August 18.
Support and Resistance Levels Converge
According to Coinactual Markets Pro and TradingView data, the BTC/USD pair passed $23,500 as of the translation time after holding on to the $23,000 support overnight.
Concerns about a deeper correction in risky assets are escalating this week. Neither Bitcoin nor Ether (ETH) has been able to break the long-term resistance levels.
“BTC has come out of this big rising wedge that everyone is watching,” commented Daan Crypto Trades in his latest Twitter update.
On-chain tracking resource Whalemap suggested that short-term support is at $22,800, the buying level of whales.
Just below Bitcoin's 200-week moving average, $22,800 should be watched closely as an endpoint during a possible correction.
“We're starting over,” said the Whalemap team, sharing a chart of the amount of coins that whales have accumulated based on their purchase price, alongside a chart showing the extent of hodled whale coins by price point.
Inflation in the EU reached a record level of 9.8 percent as of July.
Annual inflation, which measured 9.6 percent in June, was only 2.5 percent in July 2021.
Eurostat said, “The lowest annual inflation rates were measured in France and Malta at 6.8 percent and in Finland at 8 percent. The countries with the highest inflation rates were Estonia (23.2 percent), Latvia (21.3 percent) and Lithuania (20.9 percent).
Isabel Schnabel, Member of the Board of the European Central Bank (ECB), stated during an interview with Reuters on August 18 that she cannot say with certainty that inflation has peaked.
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