Bitcoin price threatens lowest closing week since 2020 as inflation scares markets

BTC price action should recover the $29,500 mark to avoid a resumption of lower lows pattern on the weekly chart.

Bitcoin (BTC) fell to a two-week low on June 11 as Wall Street's weekly trading ended under bear control.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it reached $28,528 on Bitstamp, its lowest level since May 28.

The pair fell in line with stock markets on June 10, which ended the week with a notable drop, with the S&P 500 and Nasdaq Composite shedding 2.9% and 3.5%, respectively.

This happened against the backdrop of unexpectedly high inflation data in the US, which turned out to be the worst, which contrasted sharply with expectations.

As Cointelegraph reported, annual inflation at 8.6% was the highest since December 1981.

Reacting, market commentators were firmly on the bearish side when it came to the future movement of the BTC price.

When we drop to $22,000-$24,000 in bitcoin, they will call for a decline. Don't be too greedy when the time comes, popular Twitter account Crypto Tony told followers.

Filbfilb, co-founder of the trading package Decentrader, meanwhile compared the current situation to the COVID-19 crash in March 2020.