US CPI Data Impacts Crypto Market Dynamics
- CPI Increase: The US Bureau of Labor Statistics reported a consumer price index (CPI) rise to 3.8%, the highest since 2023, primarily driven by surging energy prices, which may lead the Fed to maintain high interest rates, negatively impacting the crypto market.
- Bitcoin Market Reaction: Despite analysts predicting Bitcoin could reach $160,000 following the CPI release, Bitcoin's price fell over 1% to $80,287, with the overall market cap declining 1.5% to $2.67 trillion, reflecting a bearish sentiment across the crypto space.
- Optimistic Expert Predictions: Mathew Siegel from VanEck stated that the current Bitcoin price presents an ideal entry point for investors, suggesting that if Bitcoin regains a 35x Bitcoin-gold ratio, it could reach $160,000, indicating potential for significant upward movement.
- Uncertain Market Outlook: While Bitcoin faces downward pressure, BitMEX founder Arthur Hayes believes that retaking $126,000 is inevitable, expecting an acceleration in price after breaking through $90,000, which reflects a long-term confidence in Bitcoin's trajectory.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 3 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 74577.835 | 76666.242 | 78673.185 | 80761.592 | 82768.535 | 84856.942 | 86863.885 |
| Fibonacci | 76666.242 | 78230.666 | 79197.169 | 80761.592 | 82326.016 | 83292.519 | 84856.942 |
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