Bitcoin Breaks $61,000, CPI Data to be Key, What's Next for the Market?The data is set to be released, and Ethereum prices have crossed the $2,700 mark among altcoins. Other top 10 altcoins are fluctuating within their initial price ranges
Bitcoin Breaks $61,000, CPI Data to be Key, What's Next for the Market?
The cryptocurrency market is experiencing a surge, with major crypto prices climbing after a few days of battling pessimism. The global cryptocurrency market capitalization has rebounded to over $2.14 trillion, injecting a sense of optimism. Trading volume has declined significantly by over 23% in the past 24 hours. Bitcoin's market dominance rose slightly by 0.37%, regaining its Monday high. It maintains good momentum fueled by the previous day's PPI data and may remain stable ahead of the upcoming CPI report.
The data is set to be released, and Ethereum prices have crossed the $2,700 mark among altcoins. Other top 10 altcoins are fluctuating within their initial price ranges. Solana is trading below $145, XRP is at around $0.57, Dogecoin is at $0.106, and Cardano is below $0.35. Toncoin is showing strong momentum, while SUI, which stood out yesterday, has fallen into a bearish trap, declining slightly by 2%. Market participants are eagerly awaiting the latest CPI inflation data, which will be released later today. If interest rates rise beyond expectations, it could fuel concerns about tighter monetary policy, which would be detrimental to Bitcoin.
Yesterday, ETF inflows amounted to only $39 million, slightly above the expected US PPI data. As the factors that contributed to the decrease in PPI are not included in the CPI calculation, the CPI data may paint a less optimistic picture. Bitcoin's recent rise indicates it is gearing up for a breakthrough, triggered by the PPI rate. The upcoming CPI rate is expected to continue the upward trend. If the CPI rate is 3% or lower, the market will receive a strong boost. Conversely, if it reaches 3.1% or higher, the market may face a downside risk.
The CPI rate is projected to exceed the expected range of 2.6% to 2.9%. If Bitcoin closes above the key resistance levels of $62,200 to $62,500, it could spark a strong rally to $68,000, which is the local high of the rebound. To completely eliminate bearish possibilities and break through the upper resistance level, Bitcoin needs to break out of the bearish pattern and reach above $70,000.
This concludes our discussion for today. We'll be back next time. Thanks for watching, and see you next time.
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