tl;dr
Bitcoin's price experienced increased volatility following the latest US CPI data, reaching over $58,000. Altcoins such as BNB and ADA also saw 5-6% daily increases, with BNB surpassing $540 and ADA reaching $0.35. Despite initially dropping to $55,500 after the US CPI numbers, BTC rallied to an 8-d...
Bitcoin's price experienced increased volatility following the latest US CPI data, reaching over $58,000. Altcoins such as BNB and ADA also saw 5-6% daily increases, with BNB surpassing $540 and ADA reaching $0.35. Despite initially dropping to $55,500 after the US CPI numbers, BTC rallied to an 8-day peak of nearly $58,500. Additionally, most altcoins, including ETH, SOL, XRP, DOGE, TRX, SHIB, NEAR, KAS, FET, and STX, have seen gains. The total crypto market cap has risen by over $35 billion to nearly $2.140 trillion.
Bitcoin’s price faced enhanced volatility after the latest CPI data from the US but has managed to register impressive gains and now sits above $58,000. Most altcoins have followed suit, with BNB and ADA charting 5-6% daily increases to over $540 and $0.35, respectively.
BTC NORTH OF $58K
Bitcoin’s weekend was somewhat sluggish as the asset had fallen below $53,000 on Friday but stood primarily above $54,000 on Saturday and Sunday. The beginning of the new business week started with a minor increase toward $55,000 before the asset exploded to over $58,000 later on. After failing to overcome that level twice by Wednesday, it slumped hard to $55,500 after the US CPI numbers came out. They hold particular significance for investors as the next FOMC meeting is scheduled to take place next week and the Fed is expected to cut the interest rates by 25 basis points. BTC reacted badly to the news at first as it dumped from $57,000 to $55,500. However, the bulls regrouped and initiated a notable leg up in the following hours that pushed bitcoin to an 8-day peak of almost $58,500 earlier today.
BNB, ADA ON A ROLL
Almost the entire altcoin field is in the green today. ETH, SOL, XRP, DOGE, TRX, and SHIB have charted minor gains, but ADA and BNB have surged by 6%. As a result, Cardano’s native token stands at $0.35, while Binance Coin is close to $545. Other impressive gainers from the larger-cap alts include NEAR (7.5%), KAS (5%), FET (5%), and STX (6%). SUI has emerged as the top performer by surging with over 15%. Consequently, SUI now trades above $1. The total crypto market cap has added over $35 billion since yesterday and is now close to $2.140.
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Support and resistance levels are crucial concepts in technical analysis. Support represents a price level where a downtrend can be expected to pause due to a concentration of demand, while resistance signifies a level where an uptrend may stall due to an abundance of supply.
Interpreting Breakouts and Their Significance
Breakouts occur when the price moves through a support or resistance level, often accompanied by high volume. A breakout above resistance indicates a potential change in trend to the upside, while a breakout below support suggests a potential downtrend.
Recognizing the Head and Shoulders Pattern
The head and shoulders pattern is a reliable indicator of a reversal in the current trend. It consists of three peaks, with the middle peak (the head) being the highest and the two outer peaks (the shoulders) being lower. A break below the neckline of this pattern indicates a bearish trend reversal.
Utilizing Bullish and Bearish Indicators
Bullish indicators, such as moving average crossovers and bullish divergence in the RSI, signal potential upward movement. Conversely, bearish indicators like bearish divergence in the RSI and a downward-sloping moving average indicate potential downward movement.
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