Market Wrap: Bitcoin’s Price Plummets on Global Inflation Concerns

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