How did Bitcoin and Ethereum React to the CPI Report?
The release of Consumer Price Index (CPI) inflation numbers recently created some buzz in the market. While many were expecting a 3.6% year-over-year inflation rate, the actual data revealed a slightly higher figure of 3.7%. The upcoming Federal Reserve meeting, or FOMC meeting, is critical. Market participants largely anticipate no rate hike at this meeting, which would maintain current interest rates.
However, according to Crypto World on YouTube, the Bitcoin chart has not changed much recently. Bitcoin is still finding support in the range of $24,300 to $25,300. While it hasn’t broken free from its bearish trend entirely, it’s essential to note the potential signs of a bullish divergence.
The Bitcoin chart is showing a positive sign as it bounced from a critical support level that was once a barrier. While we’re not completely out of the downward trend, there’s a chance of a breakthrough. The Bitcoin RSI on a daily basis is also showing promise with higher lows, indicating a possible shift towards more positive momentum in the short term.
In terms of levels to watch, there is strong support between $25,600 and $25,700, with additional support at $25,000. On the other hand, resistance is expected in the range of $26,600 to $26,800.
Talking about Ethereum, he said that it recently had a short-term improvement in its price. However, it’s still below an important level that used to be supported but is now acting as resistance, which is between $1,620 and $1,660. In terms of key price levels to watch, there’s support around $1,510 to $1,520, which is at the 50% Fibonacci retracement level.
If it goes lower, there’s another support area between $1,360 and $1,400. On the flip side, if Ethereum goes up, it will face resistance in that range he mentioned earlier, which is between $1,620 and $1,660.