The recent U.S. inflation data indicating a 3.4% increase in consumer prices from last year has sparked optimism in the cryptocurrency market. Bitcoin (BTC), Ethereum (ETH), and other altcoins like ALGT are poised for a potential surge in prices.
BTC surged to $64,492, supported by bullish signals above key EMAs, while ETH rose to $2,960.94. Analysts anticipate further gains, with BTC eyeing the $69,000 resistance level and ETH aiming for $3,033. The inflation-driven momentum suggests a bullish trend ahead for cryptocurrencies.
Bitcoin surges following release of U.S. inflation data
Bitcoin saw a notable surge in its price after the U.S. Bureau of Labor Statistics (BLS) released its April inflation data. The data showed a 3.4% increase in consumer prices compared to last year, a slight dip from March’s rate of 3.7%.
In response, Bitcoin’s price reached $64,492, marking a 4% increase over 24 hours and a 1% rise within the last hour. This surge was supported by Bitcoin sitting comfortably above both the 50-day and 200-day EMAs, indicating bullish price signals.
Analysts suggest that if Bitcoin manages to climb back to $67,500, it could push towards the $69,000 resistance level, potentially aiming for the all-time high of $73,808.
However, a drop below the $64,000 support level and the 50-day EMA could bring the $60,365 support level into focus. With a 14-Daily RSI reading of 57.02, Bitcoin might have room to climb further before reaching overbought territory.
Ethereum rises amidst inflation concerns
Following the release of the U.S. inflation data, Ethereum also experienced a price increase. The second-largest cryptocurrency by market capitalization rose to $2,960.94, up 1.87% from the previous day and 1% from an hour earlier.
The BLS highlighted housing and gasoline as primary contributors to April’s inflation rate, reflecting ongoing economic pressures in these sectors. Ethereum, however, remained below the 50-day EMA while holding above the 200-day EMA. This suggests a bearish near-term outlook but a bullish longer-term trend. Analysts propose that if Ethereum breaks out from the $3,033 resistance level, it could target the 50-day EMA and potentially the $3,244 resistance level.
Conversely, a drop below the 200-day EMA could bring the $2,664 support level into play. With a 14-period Daily RSI reading of 47.49, Ethereum may see a decline towards the $2,664 support level before entering oversold territory.
Algotech: Riding the bullish wave amid US Inflation signals
With the surge in US inflation signals, Algotech (ALGT) stands poised for a bullish trend, echoing the trajectory of cryptocurrencies like Bitcoin and Ethereum. Backed by an analyst who accurately predicted Dogecoin’s rise to $0.15, Algotech is anticipated to hit $1, showcasing its potential as a cutting-edge platform for confident decision-making and profit maximization.
Algotech’s innovative platform isn’t just about advanced technology; it prioritizes trust. Verified team members and audited smart code underscore its commitment to security. Offering features tailored to various trading strategies, from momentum trading to breakout techniques, Algotech ensures adaptability to users’ preferences.
Algotech’s AI-driven approach sifts through vast market data, uncovering trends and opportunities that often elude average investors. By empowering users with data-driven insights, Algotech facilitates smarter trading decisions, enhancing their chances of success in the market.
Beyond technology, Algotech fosters a sense of community among traders. It provides learning resources to bolster trading skills and opportunities for networking. Additionally, Algotech shares its profits with the community, aligning incentives for mutual success.
With the presale nearing $5 million and token prices on the rise, Algotech presents significant investment potential. Early investors can secure tokens at a discounted price of just $0.08 each, with the added perk of qualifying for prizes like the latest iPhones or iPads. As Algotech gains traction, now is an opportune moment to join its journey toward success.
For further details about Algotech:
Visit Algotech Presale
Join The Algotech Community
Credit: Source link
