On the back of the release of June CPI data this morning, both Bitcoin and Ethereum (and most crypto for that matter) saw large selloffs. Those were some pretty big red candles.
Perhaps both were a bit overdone, however, as the two largest cryptocurrencies now appear to be on pace for a strong 24-hour performance. As I see, this morning's "CPI inflation print dump" was definitely bought. This is a welcome sign for what has really been a terrible year overall for crypto market value. Most of the "blue chip" tokens are still down 40-50% for 2022.
One day of the market having a "buy the dip" mentality isn't enough to say this is the bottom. Bitcoin has been holding that 20k level for some time now. But the same was said about 30k from the beginning of May to early June. Most speculators I follow, even those who are long-term bulls, say 10-15k isn't out of the cards for Bitcoin. Times like these show you how strong your HODL is.
I can't do price predictions because I just don't know. From a technical level, it does appear that both BTC and ETH will stay at these lows (likely just a tad lower) until signs of capitulation taper off. It really doesn't matter to me; I will continue to dollar cost average into the two.
