βOn the other side of a storm is the strength that comes from having navigated through it. Raise your sail and begin.β β Gregory S. Williams
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After being rejected at $28k earlier this week, BTC is trading 1.81% down at $27.1k, with a market worth of $528 billion. BTC has been comparatively less volatile during the overall market sell-off, outperforming altcoins.
Last week's attempt to breach the $28k barrier triggered a wave of selling that sent the price back down to $27k. Prices were predicted to fall as investors shifted away from traditional equities and risk assets into gold and oil, which have gained up to 6% in the last week.
Earlier today, October 11, the United States announced its September Producer Price Index (PPI) inflation statistics, which showed a 2.2% increase over the predicted 1.6%. This event is likely to put additional pressure on risk-on assets.
BTC has proven good resistance to changing macroeconomic conditions and inflationary pressure. However, as we approach the BTC halving, which is expected for mid-2024, the following six months could be critical for investors regarding volatility.
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