Bitcoin (BTC) threatens worst weekly close since 2020 – inflation creates pressure

Bitcoin price needs to rally back above $29,500 to prevent further losses.

According to data from Cointelegraph Markets Pro and TradingView, BTC/USD has slipped to an interim low of $28,528, its lowest level since May 28.

The downturn in the crypto market has come in step with the stock market, which also slipped back into the red on June 10th. While the S&P 500 lost 2.9%, the Nasdaq Composite is again down 3.5%.

The main triggers for the weakness are the new American inflation figures, which are significantly worse than expected. As Cointelegraph reported, inflation has soared to a “record” 8.6% over the past month, last seen in December 1981.

Accordingly, the prospects are now pessimistic as far as the further price development of BTC is concerned.

“Even if bitcoin slides to 22k-24k, the prophecies of doom will continue. So it's better not to be too greedy when the time comes, ”as trader Crypto Tony says.

Crypto expert Filbfilb, the co-founder of the Decentrader trading platform, now sees the development as even worse than during the Corona crash of March 2020, because in his opinion the slow death that Bitcoin is currently dying is more painful than the sudden crash to 3,600 US dollars that the market-leading cryptocurrency put down two years ago.