CPI data sparks confidence in Crypto market, BTC regain $64K

By Todayq News
6 days ago

The release of United States CPI (Consumer Price Index) data on May 15, 2024, strengthened the overall cryptocurrency market. According to recent data, in April 2024, the annual inflation rate stayed steady at 3.4%, as expected. Following this, the overall cryptocurrency market experienced massive volatility, with top cryptocurrencies like Bitcoin, Ethereum, and Solana jumping by 2.5%, 2.4%, and 4% respectively. 

Source: Coinmarketcap Release of CPI data causes bullish market sentiment

However, the Core inflation, which excludes volatile food and energy prices, dropped to 0.3% for the month, the lowest since December. The annual core inflation rate for April was 3.6%, meeting expectations and slightly lower than the previous 3.8%.

After experiencing massive upside momentum following the release of

CPI data, Bitcoin, Ethereum, and Solana have now become stable. However, the 24-hour gain of these top cryptocurrencies has increased compared to the Asian trading session. 

Currently, Bitcoin is trading near $64,350, and in the last 24 hours, it experienced nearly a 4% upside momentum. Whereas, in the last 30 days, Bitcoin’s price remains 2.5% down. Ethereum, on the other hand, saw an upside momentum of over 2.1% following the release of CPI data. Whereas, in the last 30 days, Ethereum saw a bearish move of over 7.5%. However, the most talked-about and 5th biggest cryptocurrency Solana (SOL) also experienced a price surge of over 3.5% in the last 24 hours. Whereas, in the last 30 days, due to lots of uncertainty, SOL remained stable.

Top cryptocurrencies technical analysis and key level

According to expert technical analysts, Bitcoin, Ethereum, and Solana are looking bullish, and there is a high chance that these top cryptocurrencies may see massive upside momentum in the coming days. If Bitcoin on the daily timeframe closes above the $66,600 level, then there is a high possibility that it may hit $72,000. 

Whereas, Ethereum is also on the verge of a breakout. If Ethereum on the daily timeframe closes above $3,030, then we may see a $3,200 level. However, Solana on the daily timeframe forms a bullish inverted head and shoulder pattern. If Solana’s daily candle closes above the $160 level, then we may see a price surge till $200.

However, top meme coins like PEPE and WIF experienced massive price surges of over 5.5% and 4% respectively. Analyzing all the data like CPI and recent prices across the cryptocurrency market highlights investors’ as well as traders’ market sentiment over CPI value.

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