June 6, 2023

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Bitcoin Could Rise Significantly, Analyst Says As It Rises Along With Ethereum And Dogecoin With Moderate Inflation: Key Levels To Watch

Bitcoin Could Rise Significantly, Analyst Says As It Rises Along With Ethereum And Dogecoin With Moderate Inflation: Key Levels To Watch

Major currencies rose on Wednesday after CPI data for July indicated a slowdown in inflation. The global cryptocurrency market capitalization is up 3.9% to $1.1 trillion at the time of writing.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar 3.9% 4.2% $23957.31
Ethereum ETH / USD 8.7% 14.3% 1,851.18 USD
Dogecoin DOGE / USD 2.7% 7.7% 0.07 dollars

Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
Celsius (CEL) + 23.1% $2.31
Lido Dao (I am doing) + 18% $2.68
avi (Avi) + 12.4% USD 110.60

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why does it matter: Among the majors, Ethereum led the gains – up around 9% on the day, compared to Bitcoin’s 4% gain.

Risky assets rose with data from the US Department of Labor sign to Core CPI rose 8.5% in July compared to 9.1% in June. The number was below economists’ estimates of an 8.7% rise. At press time, S&P 500 and Nasdaq futures are up 0.2% and 0.3%, respectively.

Wall Street is now anticipating a Fed pivot in September as rates reflect a half-point increase. If inflation continues to fall, steep trade will gain more momentum Edward Moyaa senior market analyst at OANDA.

“Bitcoin could rally significantly if this broad risk rally continues. The majority of the crypto space remains skeptical about the bitcoin recovery that began in mid-June, but momentum traders may pounce on the opportunity if bitcoin rises above $25,000,” Moya said, In a note seen by Benzinga, a bitcoin breakout could target the $28,400 level initially.

Cryptocurrency Dealer Michael van de Poppe She tweets that the major has rejected resistance and is expecting some consolidation between the $23,200 and $23,400 levels to maintain support. The trend is expected to target the levels from $27,000 to $28,000.

The trader noted that the lower inflation figure is “a good sign” for cryptocurrencies, while the dollar index, a measure of the dollar’s ​​strength against a basket of six other currencies, immediately fell to channel support. Justin Bennett on Twitter. At the time of writing, the dollar index is up 0.05% at 105.25.

Rate Rope USDT rose from 19.7% in early May to 42% in three months. This could be an indicator that traders are taking profits as cryptocurrency prices rise or “a sign of a two-year high in purchasing power,” tweeting Emotionwhich is a platform for social and sequential analysis.

read the following: Coinbase Stock Slips After Second Quarter Earnings While They Claim To Be An ‘All-Weather Company’ For Cryptocurrency Price Cycles

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