Bitcoin

Bitcoin, Ethereum, Dogecoin See Long-Sought Relief Recovery in Favorable Inflation Data Numbers: Analyst Predicts $68K-$69K as Next Test for King Crypto

Published

on

The cryptocurrency market began a strong recovery on Wednesday following lower-than-expected retail inflation data.

Cryptocurrency Earnings +/- Price (recorded at 8:30 p.m. EDT)
Bitcoin (CRYPTO: Bitcoin) +7.37% US$66,241.50
Ethereum (CRYPTO: ETH) +4.86% $3,029.94
Dogecoin (CRYPTO: DOGE) +7.91% $0.1555

What happened: Bitcoin it surpassed $66,000 for the first time in three weeks, rising more than 7% in the last 24 hours. The second largest cryptocurrency, Ethereumfollowed suit, breaking $3,000 after gains of nearly 5%.

The rise brought commotion to the market, triggering liquidations worth more than US$150 million in the last 24 hours. Short settlements exceeded $110 million.

The surge boosted speculative interest, with open interest for Bitcoin futures hitting a one-month high of $32 billion, a gain of 8.64% in the past 24 hours.

The market recovered with monthly inflation in the US growing 0.3% compared to March, below analysts’ estimates of 0.4%, according to data released by the Bureau of Labor Statistics. The weaker than expected numbers raised expectations of monetary policy easing, resulting in an increase in capital inflows into risk markets.

Biggest earner (24 hours)

Cryptocurrency Earnings +/- Price (recorded at 8:30 p.m. EDT)
Floki (FLOKI) +9.53% $0.0002103
Read DAO (I MAKE) +6.81% $0.00001133
Arweave (AIR) +5.43% US$41.10

The global cryptocurrency market cap is $2.39 trillion, expanding 6.56% in the last 24 hours.

The stock market responded with the same fervor, reaching record highs on Wednesday. O S&P 500 it surpassed 5,300 for the first time, ending at 5,308.15 after a 1.17% increase. O Dow Jones Industrial Average gained 349.89 points, or 0.88%, to close at 39,908.00, while the technology sector Nasdaq Composite it also closed at a record high of 16,742.39, gaining 1.4% in the session.

U.S. Treasury yields fell, with the 10-year note rate falling 3 basis points to 4.323%, providing a fresh boost to stocks.

View more: Best Cryptocurrency Scanners

Analyst Notes: Popular Cryptocurrency Analyst Kevin highlighted Bitcoin’s falling wedge/bullish flag pattern, predicting the next target between $68,000 and $69,0000, a level that could offer significant resistance.

“It looks good thanks to the solid macro data we’ve gotten over the last two days from last month’s inflation revisions to today’s core CPI,” the analyst noted.

Another notable technical analyst, Rekt Capital, discussed the start of the altcoin market bottom, which could lead to an altcoin season that traders have long sought.

“Whether Altcoins start to sink now in mid-May or a little later, in late May, early June… The window for the Altcoin bottom has just begun.”

Photo by Matt Benzero on Shutterstock

Read next: Spot Bitcoin ETFs See $100M Inflows on Wednesday Amid Institutional Adoption

SIGN UP TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you’ll also receive Benzinga’s latest morning update AND a free $30 gift card and more!

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Fuente

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Miguel Mamador.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Trending

Exit mobile version