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Bitcoin (BTC) and Altcoins Recover Quickly From Latest Crypto Dip
Bitcoin remains in its triangle chart pattern while the top moving altcoins recover quickly from the slump of the previous four days.
A buoyant crypto market
The crypto market just will not remain depressed for long. Now seen by a growing number of financial experts as that “flight to quality”, as expressed by Blackrock CEO Larry Fink, value is continuing to seep out of bank deposits, bonds, and other poorly faring financial assets into a wonderfully buoyant crypto sector.
Bitcoin holds firm
Some might have called for bitcoin to crash below the $36,000 support, but after three red candle days the price has bounced from around $36,200 and remains inside what appears to be a bullish triangle.
Kaspa leads the charge
While bitcoin maintains its important level some altcoins have bounced back strongly. Kaspa (KAS) is one of the forerunners among the altcoins. Since mid-October $KAS put on as much as 131%. The recent dip saw a 21% retrace, and now $KAS is looking to break out of a bull flag. With ground-breaking technology and a stellar community behind it, expect $KAS to continue to forge upwards.
Solana set to break out again
The Solana (SOL) price took a 19.6% haircut in this latest dip and is also forming its own bull flag. A measured move for a break out to the upside could see $SOL move to the next big resistance at $75.
It might appear that the crypto rally is not done yet. However, after such a fantastic year for crypto the writing must be on the wall for an eventual solid pull-back that investors will be able to take advantage of. However, traders should exercise the utmost caution and utilise proper risk management.
#ContentStar# #BountyCreator# #GateioBountyCreator# #NewsMessenger# #GateLive# #contentstar# #MyFancyCreator# #HotTopicDiscussion# Bitcoin 5-Week Bullish Streak Falters; Can CPI Data Perform Wonders?
Bitcoin saw a notable five-week surge, lifting its value by nearly 40%, only to face a bearish downturn and consolidate around $36k.
The excitement surrounding a potential spot ETF diminishes as Bitcoin fails to surpass $37k.
Investors now focus on the upcoming CPI data release as a crucial market influencer.
Following a robust five-week ascent, propelling its value by nearly 40%, Bitcoin (BTC) has encountered a period of consolidation in the $37,000 range. The digital asset appears unable to sustain the bullish rally, with its price now around $36,000 after largely bearish trading in the past 24 hours.
With the excitement surrounding the potential approval of a Bitcoin spot ETF dwindling, investors may shift their focus to Tuesday’s Consumer Price Index (CPI) as a potential catalyst for renewed bullish momentum. Specifically, the U.S. Bureau of Labor Statistics (BLS) is expected to release the CPI data today at 08:00 a.m. local time.
Financial experts anticipate a slowdown in the monthly headline CPI for October, dropping from 0.4% in September to 0.1%, with the year-over-year CPI expected to decrease from 3.7% to 3.3%.
CPI Report Tuesday Could Provide Next Bitcoin CatalystThe U.S. government tomorrow will report on October inflation data.After a major five-week run that took its price nearly 40% higher, bitcoin (BTC) has stalled for the past several days around the $37,000 area.
To provide context, CPI gauges inflation by monitoring the prices of a basket of goods and services that consumers typically purchase in the U.S. As Coin Edition previously noted, in instances where CPI surpasses expectations, there is a potential for a sell-off in risky assets like Bitcoin. Conversely, a lower-than-expected CPI reading could uplift sentiment and trigger a rally in risk-asset markets.
Reportedly, the core CPI, excluding food and energy costs, is projected to remain unchanged from September at 0.3% monthly and 4.1% year-over-year. Therefore, with the anticipated decrease in U.S. CPI coming to fruition, Bitcoin could be reinforcing the bullish rallies it commenced in October, impacting the broader risk asset market.
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